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Is car loan interest tax deductible? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive financial calculators and tools that provide objective and original content, by enabling you to conduct research and compare information for free - so that you can make sound financial decisions. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website come from companies that pay us. This compensation can affect the way and when products are featured on this site, including, for example, the order in which they may appear within the listing categories in the event that they are not permitted by law. Our mortgage, home equity and other home lending products. This compensation, however, does have no impact on the content we publish or the reviews appear on this website. We do not include the entire universe of businesses or financial deals that might be open to you. SHARE: Luis Alvarez/Getty Images
2 minutes read. Published March 08, 2023
Written by Mia Taylor Written by Contributing Writer Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to manage their finances with concise, well-studied information that breaks down otherwise complicated subjects into digestible pieces. The Bankrate guarantee
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There are money-related questions. Bankrate has the answers. Our experts have been helping you master your money for over four decades. We are constantly striving to provide consumers with the expert advice and tools needed to be successful throughout their financial journey. Bankrate follows a strict policy, which means you can be confident that our content is honest and reliable. Our award-winning editors, reporters and editors create honest and accurate content to help you make the right financial decisions. The content we create by our editorial staff is factual, objective and uninfluenced through our sponsors. We're honest about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the placement of sponsored products andservices or when you click on certain hyperlinks on our website. Therefore, this compensation may impact how, where and when the products are listed within categories, except where the law prohibits it for our mortgage and home equity products, as well as other home lending products. Other factors, such as our own website rules and whether or not a product is offered in the area you reside in or is within your self-selected credit score range can also impact how and where products appear on this website. While we strive to provide a wide range offers, Bankrate does not include specific information on each credit or financial item or product. Owning a car that you use some or all the time to run your business can provide tax benefits. One of the most widely known benefits can be the mileage deduct, which is a rate set by the IRS which small-scale entrepreneurs and self-employed individuals can use to write off certain expenses associated using a vehicle for business purposes. But it's not the only benefit that is available to owners of a vehicle for business use. If you have a , you might also be able to deduct the interest when filing your federal tax returns. Is interest on a car loan tax-deductible?
Car loan interest can be deducted in certain circumstances when you are using your car for business use.
When you can deduct car loan interest from your taxes Only those who are self-employed, or who own business for purposes can claim a tax deduction for the car loan interest. If you are an employee of another's business, you cannot claim this deduction. Furthermore, the interest on a loan to purchase a vehicle solely for personal use is not tax-deductible. If the car in question is used for personal and professional needs, claiming this tax deduction becomes a little more difficult. It is necessary to calculate the percentage of time the vehicle is used to meet business requirements and then apply that figure to what you claim as the loan interest deduction that you claim on your tax returns. If, for instance, you use the vehicle 50 percent of the time for business reasons it is only possible to deduct 50 percent of loan interest on tax returns. If you pay $1,000 interest on your vehicle loan each year, you can only claim a deduction of $500. If however the car is being exclusively for business use that is, then the whole amount of the interest may be deducted. Documentation to document any kind of tax returns, you should be sure to keep accurate documents and records. You'll need to verify all expenses should there be any questions or an audit ever arise. Certain records to keep in mind in order to claim your deduction for auto loan interest deduction on your tax returns include an account or log of all trips taken by the vehicle for business use, which includes a log of the odometer mileage. Car loan payment records verifying the interest paid. While you aren't able to write off parking or tolls in the context of the auto loan interest deduction, you may also need to keep these types of receipts in order to in proving that the vehicle was used for business reasons. Bankrate tip
Keep supporting documentation for at least 3 years from the date you file the tax return.
If you're uncertain, you can hire an expert seek out a professional when: There's a question about whether you're eligible for the auto loan interest deduction. You're not sure about the best method to determine the precise amount of the deduction to get on your tax return A can help you navigate the process and decide if the deduction is suitable in your particular circumstances. For example, if you use the vehicle for personal or business purposes, it might not be a good idea to claim the deduction for auto loan interest deduction if business-related usage of the vehicle is not that significant. Bankrate tip
This deduction could require more effort than it is worth if you use the vehicle for business less than 50 percent per month.
The bottom line: Deducting car loan interest from your tax returns could be beneficial if you're self-employed or a freelancer. But before you claim this deduction, you must be sure that you are eligible. Work with a tax professional If you're unsure of how to calculate the exact amount you'll be able to claim.
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Written by Contributing Writer Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are enthusiastic about helping readers gain confidence to take control of their finances with concise, well-researched, and clear information that breaks down otherwise complicated subjects into bite-sized pieces.
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