Norm is employed as an auditor by a large public accounting firm.He uses his car entirely for business.Interest on the loan used to purchase his car is entirely deductible.

Question

Quizplus · Accepted Answer

Interest on a car loan for a vehicle used for business by an employee is not deductible by the employee on their personal tax return. This type of deduction is typically available only to self-employed individuals or businesses for vehicles used exclusively in their business operations.

Norm Is Employed as an Auditor by a Large Public