Can I deduct the interest on my vehicle loan?
An example of an AI chatbot conversation about deducting vehicle loan interest.
Can I deduct the interest on my vehicle loan?
Yes, you can deduct the interest on your vehicle loan if the vehicle is used for business purposes.
What if I use the vehicle for both personal and business?
In that case, you can only deduct the portion of interest that corresponds to the business use of the vehicle.
How do I calculate the business use percentage?
To calculate the business use percentage, divide the total business miles driven by the total miles driven for the year.
Are there any specific forms I need to fill out?
Yes, you'll typically need to fill out IRS Form 4562 to claim the deduction.
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