US EditionNo tax on car loan interest under the new law? Not exactly - WCS - Tax Accountant in Elkton MD
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No tax on car loan interest under the new law? Not exactly - WCS - Tax Accountant in Elkton MD
Under current federal income tax rules, so-called personal interest expense generally can’t be deducted. One big exception is qualified residence interest or home mortgage interest, which can be deducted, subject to some limitations, if you itemize deductions on your tax return. The One Big Beautiful Bill Act (OBBBA) adds another exception for eligible car loan interest. In tax law language, the new deduction is called qualified passenger vehicl…
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