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boatrocker12
March 31, 2025
Question

Can I deduct car payments from the cost of the car rental income?

  • March 31, 2025
  • 1 reply
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    1 reply

    M
    MindyB
    March 31, 2025

    No, car payments are not deductible specifically.  However, you can deduct interest and depreciation on the car (which over the life of the loan works out to be the same amount if used 100% for business).

     

    Here is some information you may find helpful: Peer-to-Peer Car Sharing Tax Tips

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