Under the One, Big, Beautiful Bill, the IRS has issued proposed regulations that provide a new deduction for interest paid on vehicle loans incurred after December 31, 2024. This may be used by taxpayers regardless of whether they itemize their deductions or use the standard deduction on their tax returns. Determining eligibility is important and is detailed in the proposed regulations. For example, the final assembly of the vehicle must have occurred in the United States, and the vehicle must be for personal use. To read the complete proposed regulation, click here.
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Car Loan Interest Up to $10,000 May Now Be Deductible
by Betty Williams | Jan 5, 2026 | IRS, Tax Returns, Taxpayers |
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