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Richard
Jan 31, 2006 - 12:24PM
2005 taxes

I heard that you can claim the intrest you payed for the year on your truck loan with your taxes.. Is this true?

Zip Code: flash_man15@yahoo.com

a
Andrew Schwartz, CPA
Feb 1, 2006 - 7:49AM
Re: 2005 taxes

If you're self-employed, you can claim the business use portion of the interest paid on your vehicle as an expense on the Schedule C.

If you only work as an employee, interest paid on your car loan is non-deductible personal interest.

Zip Code: aschwartz@mdtaxes.com

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