I have bought a car in 2019 and took out an insurance. Can I deduct the expenses for insurance in my tax return?
Thank you in advance.
Car loan interests are deductible. Insurance expenses are not deductible.
What about leased car? Can I deduct my leasing costs?
Thank in advance,
Bad news for you. A leasing agreement does not constitute a loan agreement. Leasing costs are not debt interest and therefore not deductible.
We are waiting for a Christmas 😁.