Some car loan interest qualifies for a tax deduction over the next few years

Published



President Donald Trump‘s massive agenda law makes some new tax breaks available. That is, beyond making permanent a series of lowered rates from Trump’s signature domestic achievement from his first, nonconsecutive term, the 2017 Tax Cuts and Jobs Act.

One new provision in the Trump agenda bill, which he signed into law on July 4 and has memorably labeled the “one big, beautiful bill,” is a tax deduction of up to $10,000 per year of car loan interest. The provision isn’t entirely new. Car loan interest could be taken as an itemized deduction before the enactment of the 1986 Tax Reform Act, personal.

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