Can i put the interest of my new car and the loan pay it bi-weekly too?

Forum|Forum|2 years ago
March 1, 2024
1 reply
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I have my interest % and also my payments loans bi-weekly, i have to put both or just the % interest?

Best answer by TurboTaxSusan

No, you can only claim the interest portion of your car loan payments, not the principal. You can take CCA on the car which is based on the cost of the car.

Moussi2

Some of the interest you pay on your mortgage, loans, or credit cards may be deductible on your tax return, if eligible. Please read this TurboTax article to learn more about it.

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sclyyzdriver-gmaAuthor

Hi thanks, but I think I wasn´t clear with my question.

In the INTEREST EXPENSIVE I enter the interes of my new car for Uber, for example $2000.

and in ANOTHER EXPENSES can I enter the total of I pay of the my Car loan?

Can I put Both or just the main interest.?

TurboTaxSusanAnswer

No, you can only claim the interest portion of your car loan payments, not the principal. You can take CCA on the car which is based on the cost of the car.