A new tax break offers deductions of up to $10,000, but income limits and loan rules mean most buyers will see much smaller savings.

New deduction allows taxpayers to deduct up to $10,000 on interest they paid to buy a new American-made vehicle in 2025.

To qualify for the full deduction, your taxable income can’t be more than $100,000 if you’re a single filer or $200,000 if you’re married filing a joint return. Single filers who earn more than ...

This year, there's a new tax break for interest on car loans that can apply to some people who bought a new car in 2025.

The IRS will allow up to $10,000 in car loan interest deduction starting with 2026 tax filings for the 2025 tax year. This ...

Some people who’ve bought a new car recently might be eligible for up to a $10,000 deduction on their federal taxes. As part of the ‘One Big Beautiful Bill’ passed by Congress early last year, a ...

Drivers are split on the fairness of the new electric vehicle tax, which creates a double tax problem for hybrid cars. Electric vehicles (EVs) will pay a new levy of 3p per mile they travel after ...