I drive Uber part time. I took out a high interest title loan. Can I deduct the interest that I paid from that title loan from my taxes?

Yes, but only the business percentage. You must prorate between personal use and business use, like every other expense.

You can generally deduct as a business expense some or all interest you pay or accrue during the tax year on debts related to your business. Interest relates to your business if you use the proceeds of the loan for a business expense. It does not matter what type of property secures the loan.

You can deduct interest on a debt only if you meet all of the following requirements.

• You are legally liable for that debt.

• Both you and the lender intend that the debt be repaid.

• You and the lender have a true debtor-creditor relationship.

Certain taxpayers are required to limit their business interest expense deduction. See the Instructions for Form 8990 to determine whether you are required to limit your business interest expense deduction, who is required to file Form 8990, and how certain businesses may elect out of the business interest expense limitation. You cannot deduct on Schedule C the interest you paid on personal loans. If a loan is part business and part personal, you must divide the interest between the personal part and the business part.