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Are car loan payments tax deductible?
I run my own snowplowing business where it’s just me and my truck to make a few extra bucks in the winter. Am I able to use its loan as a tax deduction?
Will Baldwin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You actually should be able to! Of course, there is a caveat and it’s why most people can’t use their
loan
payments as a tax deduction: you can only use a loan as tax-deductible if the vehicle is for a business.If you’re looking for more ways to save money, try using the
Jerry
app to help you save money on car insurance. It takes less than a minute to sign up, and you’ll see competitive rates from more than 50 top providers for free. The average Jerry driver saves $879 a year on car insurance!View full answer
- Gregory R.
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