First Class Financial

🚨No Tax On Car Loan Interest

If you purchased a new car in 2025, you may qualify for a new tax deduction.

For tax years 2025–2028, the IRS allows a deduction for car loan interest — not the car and not the payment, just the interest.

You May Qualify If:
✅ Your loan started after 12/31/2024
✅ The vehicle is new & for personal-use
✅ Vehicle must’ve been assembled in the U.S.
✅ Your income is under $100k (Single/HOH) or $200k (MFJ)

Important To Know:
• Max Deduction: Up to $10,000/year
• Leases don’t qualify
• The VIN # must be reported
• Does not apply to business vehicles

✏️ You don’t need to itemize to claim it — it’s an above-the-line deduction on your federal return.