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T
Tehntater
April 1, 2023
Question

Personal Vehicle Loan Interest Paid by Company

  • April 1, 2023
  • 1 reply
  • 0 views

Hello everyone.

I'm an owner of a company and I use my personal truck for business. The company is paying for the vehicle loan on my truck. I took out the loan personally and not through the company. Can I claim the interest on the personal loan for the truck as a company expense? 

1 reply

T
Trish_T
April 3, 2023

Hi Tehntater,

 

It's a pleasure to see you in Community.  Welcome!  QuickBooks Online is a powerful program, with options for recording your transactions with confidence.  To ensure you're eligible to claim the interest on your personal loan, I recommend speaking with an accounting professional.  They'll provide their expertise and best course of action for your specific needs.  If you don't have an accountant, we can help you locate a ProAdvisor in your local area.

 

Please feel free to reach back out with any other questions.  We'd be happy to help!

 

 

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