Question

I am self employed and paid off my vehicle loan early, how can I deduct my loan payoff amount?

Forum|Forum|4 years ago
January 25, 2022
1 reply
0 views

No text available

TurboTax Self Employed Online

Although you can not deduct the full amount of the loan payoff you may deduct the part of the balance that is interest. You will deduct the interest as a business on Schedule C when you file your tax return.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

LeonardS

Although you can not deduct the full amount of the loan payoff you may deduct the part of the balance that is interest. You will deduct the interest as a business on Schedule C when you file your tax return.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"