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GRShare this with someone who's thinking about buying a car this year 🚗
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Starting with your 2025 tax return, you can deduct up to $10,000 of interest paid on a qualifying car loan.
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But there are some strict requirements:
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The vehicle must be new, assembled in the United States, and used primarily for personal use - not business.
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The loan must have been taken out after December 31, 2024, and secured by the vehicle.
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There's also an income phaseout - the deduction starts reducing if you make over $100,000 as a single filer or $200,000 if you're married filing jointly.
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This deduction is only available through 2028, so if you're considering a new car purchase, timing matters.
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For more smart money tips, be sure to follow @greyhairfinance.
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DISCLOSURE: The information contained herein has been obtained from sources believed to be reliable but cannot be guaranteed accuracy. Balanced Life Planning is a registered investment adviser. Registration does not imply a certain level of skill or training. Information presented is for educational purposes only, are subject to change from time to time and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
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Balanced Life Planning is a financial advisor serving mid-career professionals that have expanding incomes and competing priorities.
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#personalfinance #money #taxes #taxdeduction #carloan
@greyhairfinance
