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Old 04-07-2020, 09:21 PM
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Join Date: Dec 2016
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Figuring car loan interest deduction for rideshare driver

This question pertains to our 2018 tax return. We got a car title loan on our car in the fall of 2017. In July 2018 we started using the car to drive for Uber and Lyft. It is my understanding that the portion of the car loan interest that corresponds to the mileage used for business is tax deductible on our Schedule C even if we take the standard mileage deduction. But do we start calculating the business use % beginning in January or in July when we started using the car for Uber/Lyft? Am I correct in assuming the business use % is based on miles and not time (days, hours, weeks, months)? But I still need to know whether to calculate the % of business miles beginning in January or July.

Another quick question, I signed up for Uber and Lyft and took my car in for their inspection in June but didn't start driving for them until July; what date do I put on the tax form where they ask when I put my car in service for this business: When I first signed up as a driver or the date of the vehicle inspection or when I first started earning money?

Many thanks for any help!



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