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Can a car loan get you a tax refund?
I want to maximize my tax refund this year to add to my down payment for a house. Can I get a tax refund from my car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Getting as much as possible back on your tax refund is always a smart and exciting move. But unless you use your car for business purposes, you can’t deduct your
car loan
or any related expenses related to car ownership.Unlike a mortgage, the interest on a car loan is not tax-deductible. In addition, you can’t deduct any expenses related to car ownership, including gas, maintenance, or mileage.
However, the situation changes if you own a business and use your car for business-related purposes. In this case, you can deduct:
You can also deduct a portion of these expenses if you use your car part of the time for business. Say you use your vehicle for 60% business and 40% personal. As a result, you could deduct 60% of these expenses on your taxes.
And although you can deduct car insurance as an expense, don’t leave money on the table by failing to shop around. The
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