Is the car I purchased to drive UBER and LYFT an ASSET?

I purchased a car specifically to use for rideshare driving.

It is used less than 10% stated mileage for personal and medical reasons.

Is the car a business asset? 

Can I deduct the down payment and loan payments?


Good day,,

Yes, that is considered an asset for your business. However, QuickBooks Self-Employed doesn't track asset for cars. That's considered as an actual expenses so you can track it as a Vehicle Expense.

As for the down payment and loan payment, these can be track under the Vehicle Loan and Vehicle Loan Interest categories. Only the loan interest is deductible.

For more information, check this article:

Please let me know if you have additional questions.

Was this answer helpful? Yes No
IntuitMaryL , Community Support Specialist
Employee SuperUser

No answers have been posted

More Actions

People come to QuickBooks Learn & Support for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Qb community
Looking for advice from other business owners?

Visit our QuickBooks Community site.