In this One-Minute Moment, Dr. Friday explains a new temporary deduction for vehicle loan interest. Learn which purchases qualify and what doesn’t.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
We have a new tax deduction effective 2025 through 2028. Individuals may deduct interest paid on loans used to purchase a qualified vehicle. This is not part of your itemizing.
The tricky part is it is what is a qualified vehicle. It has to be assembled here in the United States. Lease payments do not qualify. This must be a new purchase. It has to be a minimum purchase of $10,000.
If you’ve got more questions or you just have to, you know, want to get to know me, 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.