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If you are only using the vehicle to commute to work and not in the course of your business or work as an employee, you cannot deduct the cost or the expense to run the vehicle.
If you use your car in your business, you can deduct car expenses. If you use your car for both business and personal purposes, you must divide your expenses based on actual mileage for business purposes.
If you use your car for business purposes, you ordinarily can deduct car expenses. You generally can use one of the two following methods to figure your deductible expenses.
Standard mileage rate.
Actual car expenses.
Unless you use the vehicle for more than just commuting you can not deduct anything.
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It would not. If you have a business and the business were to buy a vehicle that is used for business purposes then the business could deduct but it gets more complicated as you would need to be the employee to use for personal purposes and you could be taxed on the value of the vehicle.....
Unless this car is used for actual business purposes the loan is not relevant.
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If you are self employed your are a "business" you file the Schedule C to report your income and expenses.
If you are using the vehicle to go to a designated place of business (office or location) that is still commuting. If you use it to travel to numerous business places and your home is your main place of business then that is not commuting. Your can use this as an expense.
As self employed the loan is still not relevant because the self employment flows to you personally along with expenses so the loan type (business or consumer) would not matter.
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