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Hello A company finance my truck. I pay monthly, including interest. Should the
company sent me some form, that I could deduct the interest from my taxes? Also,
I don’t see the truck in my credit history. Thank you
Asked on February 15, 2017 under Business Law, Illinois
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
It is not the lending or financing company's responsiblity to give a form for this purpose--it's not a mortgage for a house, where the lender does because mortgage interest is essentially always deductible. But deducting the financing costs for a business truck is not as straightforward or as universal, so they don't have the obligation to do this. Rather, it is your responsibility to track your payments and provide that information to your tax preparer for the appropriate use.
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