Asked by listlej  |  Submitted January 02, 2018

Can I deduct the down payment for my new car on my taxes if I work as a rideshare driver?

Some background, I'm a retired federal employee who receives a pension. I am in business as a driver for Uber.

Report Question Report

  Leave Answer

Sign in to MoneyTips
By submitting you agree to our Terms of Service

  Answers  |  1

February 06, 2018

The down payment is not a deduction, same for any business asset. However, the cost of the asset multiplied by the business usage. However, if you do not use the car for more than 50% for business, you have to use the standard mileage rate versus the actual (gas, depreciation, repairs, insurance, etc.)

$commenter.renderDisplayableName() | 10.27.20 @ 06:28