The law does not automatically provide a tax break for interest on every car loan. Only new car buyers who meet these specific qualifications can benefit.

A new tax law allows you to deduct up to $10,000 in car loan interest. Find out if your vehicle qualifies, the income limits, ...

Beginning on 2025 tax returns, new car buyers might qualify for an above-the-line deduction of up to $10,000 in car loan interest in a year. Taxpayers will not be able to deduct interest on loans ...

The budget reconciliation bill, now signed into law, reintroduced an auto loan interest deduction and ended the electric vehicle (EV) tax credit. Many, or all, of the products featured on this page ...

Forbes contributors publish independent expert analyses and insights. Andrew Leahey is an attorney and law professor that covers tax. Starting in tax year 2025, taxpayers will be able to deduct up to ...

While the “No Tax on Tips” provision in President Donald Trump’s One Big Beautiful Bill Act has been making headlines for its tax deductions on tips and overtime, there are plenty of other write-offs ...

The Republicans' signature tax cut and spending package – dubbed the "big, beautiful bill" – that was signed into law last week touts tax deductions on tips and overtime pay, and also includes a tax ...

Drivers are looking at a long list of rules if they're hoping to claim a new tax deduction for car loan interest on 2025 ...