IRS issues nationwide notice: How you may be able to save $10K on 2026 taxes
MassLive.com••business
Key Points:
- The IRS and U.S. Treasury have issued guidance on a new tax deduction allowing car buyers to deduct up to $10,000 in loan interest for new, American-made vehicles purchased for personal use after December 31, 2024.
- The deduction applies regardless of whether taxpayers itemize or take the standard deduction and covers cars, SUVs, vans, pickups, and motorcycles under 14,000 pounds with final assembly in the U.S.
- This provision is effective for tax years starting after December 31, 2024, and ending before January 1, 2029, with transition rules outlined for 2025.
- Taxpayers must ensure their lenders properly report the interest paid to claim the deduction accurately,
