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James Eilerts
  • Omaha, NE
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Best way to deduct vehicle for self employment, need advice. Pls

James Eilerts
  • Omaha, NE
Posted Jan 16 2017, 20:49

Hello,

Here is my dilemma. In 2015 I became self employed (Not real estate....yet). I purchased a vehicle specifically for my business, financed it, then after a month or two I paid the loan off completely. So for 2015 it was fairly simple since I paid for the vehicle completely I claimed the cost of the vehicle plus the small interest/finance fees. So now to 2016 I purchased a new vehicle and did the traditional financing and make monthly payments. So how do I deduct this vehicle? Do I claim the whole purchase cost then the interest paid? Then only claim the interest costs the following years while I have the vehicle?

Thanks