Got your eye on a new ride? A fresh federal tax rule now lets you deduct interest on loans for new, personal-use cars—as long as they're built in the U.S. Final assembly location is key, and there are a few other fine-print catches to know.
Key Points
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Eligibility: Applies only to new, personally used vehicles with final assembly in the U.S.
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Cap: Deduction maxes out at $10,000 annually.
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Limits: No write-offs for family/friend loans; income thresholds apply.
This opens the garage door to some tax savings—but don’t expect to write off your next Corvette if Uncle Bob’s your banker. More details are expected from the IRS soon.
Learn how this stacks up to past auto deductions on My Car Show Radio.
