Last year, I bought a $30,000 car using the car dealer’s zero interest rate on my car loan. Is there some way I can claim that part of those car payments are interest so that I can speed up my business write-offs? (C. J., Charleston, SC)
Yes. Code Section 463 requires minimum interest on installment contracts, like car loans. Thus, there is no such thing as zero interest for tax purposes.
Last year’s (2007) luxury limits on auto depreciation will limit ... Log in to view full article.