Treasury, IRS provide guidance on the new deduction for car loan ...
Dec 31, 2025 · The proposed regulations issued today relate to a new deduction for interest paid on vehicle loans incurred after Dec. 31, 2024, to purchase new made-in-America vehicles for personal …
One, Big, Beautiful Bill Act: Tax deductions for working Americans and ...
Jul 14, 2025 · If a qualifying vehicle loan is later refinanced, interest paid on the refinanced amount is generally eligible for the deduction. Qualified vehicle: A qualified vehicle is a car, minivan, van, SUV, …
Topic no. 505, Interest expense - Internal Revenue Service
Dec 31, 2024 · Car loan interest deduction For tax years 2025-2028, you can take an annual deduction of up to $10,000 of qualified passenger vehicle loan interest. This deduction is available for both …
To qualify for the deduction, the interest must be paid on a loan for a vehicle that is new, for personal use and purchased after December 31, 2024. If a qualifying vehicle loan is later refinanced, interest …
One, Big, Beautiful Bill provisions | Internal Revenue Service
The One, Big, Beautiful Bill Act significantly affects federal taxes, credits and deductions. It was signed into law on July 4, 2025, as Public Law 119-21. On this page Individuals and workers Families and …
Instructions for Payer of Record A person that during the year receives interest payments of $600 or more on a specified passenger vehicle loan (SPVL) must furnish this statement to you. You may be …
One, Big, Beautiful Bill provisions – Individuals and workers
On this page Tax inflation adjustments Deduction for seniors No tax on tips No tax on overtime No tax on car loan interest Tax inflation adjustments (Sections 70101, 70102, 70106, 70107, and 70401) …
Treasury, IRS provide transition relief for 2025 for businesses ...
IR-2025-105, Oct. 21, 2025 — The Department of the Treasury and the Internal Revenue Service today provided transitional guidance for businesses required to report car loan interest under the One, Big, …
Jul 4, 2025 · passenger vehicle loan, must file an information return reporting the receipt of interest. A “specified passenger vehicle loan” is indebtedness described in section 163(h)(4)(B). That is, it is …
Publication 463 (2024), Travel, Gift, and Car Expenses
Employer-provided vehicle. Interest on car loans. Taxes paid on your car. Sales taxes. Fines and collateral. Casualty and theft losses. Depreciation and section 179 deductions. Car defined. Qualified …