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The badge on a car tells you almost nothing about whether its loan interest is deductible. The detail that actually decides your federal taxes hides on a sticker most buyers throw away before they ...
Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Deb Cohn-Orbach / UCG / Universal ...
Under a new tax break from the "One Big, Beautiful Bill," taxpayers will be able to deduct part of the interest they paid on a car loan in 2025. The vehicle must be new and have undergone final ...
President Donald Trump’s new $10,000 tax deduction for car-loan interest isn’t getting much use — even as prices for new vehicles soar. Just over 1.1 million taxpayers have taken advantage of the much ...
The basics of the car loan interest deduction is that it must be a new vehicle assembled in the United States, with the loan being a first lien on the vehicle. The deduction has an annual limit of $10 ...
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