Question

Can you deduct the interest paid on vehicle’s? If so, where?

Forum|Forum|1 year ago
February 23, 2025
2 replies
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All vehicles financed through a bank institution.

For vehicles used for your business? Or your own personal use vehicles?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

T

ThomasM125

The interest on a vehicle used for personal purposes is not deductible. The only time it would be deductible in 2024 is if you were self-employed, in which case you could deduct it under Business Expenses and then Business Vehicle Expense where you enter your business income and expenses.