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Can we claim car loan interest on taxes?
I just started driving for Lyft and am curious, can we claim car loan interest on taxes as Lyft drivers?
Will Baldwin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
One of the fun benefits of being a rideshare driver is you actually can do this! Normally, to be able to claim
car loan
interest, you have to work for yourself and not a larger business. However, thanks to Lyft, Uber, and other rideshare business models, you can claim some of your loan’s interest on taxes!You’re only eligible to claim a percentage because it must active driving for Lyft. Even if you have a second job and use the car for your commute, that time isn’t eligible.
Keep in mind that there is certain insurance you need as a rideshare driver.
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makes it easy to know what kind of insurance you need for different times. Jerry’s agents are only a call or text away! Once you know what kind of insurance you need, Jerry will compare personalized rates with more than 50 top providers and deliver the best deals to your phone for free. The average Jerry driver saves $879 a year on car insurance!View full answer
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