Summary
The IRS now lets some drivers deduct interest on new-car loans, a change introduced in GOP tax legislation passed last year. Buyers who financed new vehicles after December 31, 2024, can subtract up to $10,000 of auto-loan interest from their taxable income, potentially lowering their tax bills. The rule aims to boost domestic auto production and make new cars more affordable for middle-income taxpayers. To qualify, vehicles typically must be new, for personal use, and meet specific criteria. High-income earners and those with foreign-assembled cars may not be eligible. Taxpayers should check IRS guidance when filing this season.
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