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Can interest on a car loan be deducted from taxes?
I’m thinking of upgrading my car in part so I can be an Uber driver and make some extra money. Can interest on my new car loan be deducted from my taxes?
Will Baldwin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
There are stipulations. You can only claim deductions for the time you drive for Uber; no personal driving will be included in these deductions. This is because you can only deduct car loans interest for your business.
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