What are the requirements for deducting vehicle loan interest?
An example of an AI chatbot conversation about vehicle loan interest deduction requirements.
What are the requirements for deducting vehicle loan interest?
To deduct vehicle loan interest, the vehicle must be used for business purposes, and you need to itemize deductions.
Can I deduct interest if I use the vehicle for both personal and business?
Yes, you can deduct the interest proportionate to the business use of the vehicle.
What documentation do I need to provide for the deduction?
You'll need to keep records of your business mileage and the loan interest paid, along with any relevant tax forms.
Are there any limits on the amount I can deduct?
Yes, the deduction is limited to the amount of interest paid on the loan for the business use portion of the vehicle.
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