Question

I received a 2023 loan interest statement for my car loan for the first time ever, is this something I have to enter in for taxes?

Forum|Forum|2 years ago
January 30, 2024
2 replies
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TurboTax Deluxe Online

Employee

Interest on a personal car loan is never tax deductible. If you use the car for a self-employed business, and you use the exact expense method instead of the standard mileage method, interest is one of the deductible business expenses you can include.

DawnC

Employee

No, that interest is not tax-deductible. If you used the vehicle for business purposes, you may need it, so keep it with your tax records, but you do not need to include it with your personal tax return.

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