☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Mar 1, 2024 10:11:43 AM

Can i put the interest of my new car and the loan pay it bi-weekly too?

I have my interest % and also my payments loans bi-weekly, i have to put both or just the % interest?

0 3 2646
1 Best answer
Moderator
Mar 2, 2024 10:48:39 AM

No, you can only claim the interest portion of your car loan payments, not the principal. You can take CCA on the car which is based on the cost of the car.

3 Replies
Moderator
Mar 1, 2024 12:54:56 PM

Some of the interest you pay on your mortgage, loans, or credit cards may be deductible on your tax return, if eligible. Please read this TurboTax article to learn more about it. 

 

Thank you for choosing TurboTax.

Level 1
Mar 1, 2024 5:11:45 PM

Hi thanks, but I think I wasn´t clear with my question.

In the INTEREST EXPENSIVE I enter the interes of my new car for Uber, for example $2000.

and in ANOTHER EXPENSES can I enter the total of I pay of the my Car loan?

Can I put Both or just the main interest.?

Moderator
Mar 2, 2024 10:48:39 AM

No, you can only claim the interest portion of your car loan payments, not the principal. You can take CCA on the car which is based on the cost of the car.