Ramirez Bookkeeping

Under the One Big Beautiful Bill Act (OBBBA), you can now deduct up to $10,000 in car loan interest per year.
​Key Requirements
​Eligible Vehicles: Must be new and have final assembly in the U.S. (check for a VIN starting with 1, 4, or 5).
​Loan Date: The loan must have originated after December 31, 2024.
​Usage: Only for personal use; commercial/business vehicles and leases do not qualify.
​Income Limits: Full deduction is available for individuals earning up to $100,000 (or $200,000 for joint filers).
​This deduction applies even if you take the standard deduction, making it widely accessible for the 2025–2028 tax years.