In addition to Sec. 179 SL depreciation, can I also deduct the interest on the loan and all related maintenance items up to the % business use (which is less than 50% of all miles)?
I’m not sure if you can deduct the interest on the loan. However, you can definitely deduct maintenance and repairs, registration fees, and parking fees based on the % the car is used for business. It’s possible that one of our other readers will have some insight on whether or not you can deduct the interest on the loan. If not, I recommend you consult with a tax professional who can take a look at your individual situation and give you the best advice.
Crystalynn Shelton, CPA