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Can car gap insurance be deducted on schedule c?
In addition to the Gap insurance can a car warranty plan be deducted on schedule C?
Yes, if the gap insurance and car warranty plan are for a vehicle that you use in your business. However, you can only deduct the cost up to the percentage of vehicle business use. For example, if you use the vehicle 30% for business and 70% personal then you can only deduct 30% of the gap insurance and 30% of the warranty plan.
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