Reported 1 day ago
President Trump's recent legislation allows eligible new car buyers to deduct up to $10,000 in annual car loan interest on federal tax returns from 2025 to 2028. This deduction applies to new vehicles assembled in the U.S. and has specific income and loan requirements. Taxpayers with a modified adjusted gross income below certain thresholds can qualify, but there are rules about the type of loans that are eligible. Understanding these conditions can help buyers maximize their potential tax savings.
Source: YAHOO