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Itemized Deductions Schedule-A


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Old 08-17-2015, 01:18 AM
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Uber tax question

I work for uber, my car was bought with a bank loan under my parents name but I am paying for the car 100% by giving the money to my parents, can I use the car payments for my taxes ?



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Old 08-17-2015, 03:54 PM
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In order to claim the auto interest deduction, you must have an ownership interest in the biz use car and be responsible for a secured debt. As you use your car for your business, you can deduct the interest that you pay on your car loan as an interest expense. Since you use your car only for business, you can deduct all of the interest you pay.You can take this deduction when you deduct your car expenses using the standard mileage rate, because the standard mileage rate was not intended to encompass interest on a car loan. Only if the car is purchased by or ownership registered to a legitimate business can you deduct mileage.



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