🔥🚨JUST IN: Los Angeles Mayoral candidate Spencer Pratt’s new political ad that he just released is already being hailed as one of the greatest political ad of all time.
You're about to file your taxes without the car loan deduction. Stop
The government will hand you up to $10,000 back on the interest you already paid and your accountant probably doesn't even know this exists yet
New law. Signed 2025. If you bought a new car assembled in America after January 2025, the interest on your auto loan is now tax deductible. Up to $10,000 per year. Above the line, which means you get it even if you take the standard deduction
5 rules your car has to meet:
1. Must be new. Not used. Not certified pre-owned. New
2. Must be assembled in the United States. Check your VIN at https://t.co/D0THFgDei0. First digit 1, 4, or 5 means US assembled. Covers most Ford, Chevy, GMC, Ram, Tesla Model Y, Toyota Camry, Honda Accord, and dozens more
3. Loan originated after December 31, 2024
4. Personal use only (business vehicles already have Section 179)
5. MSRP under $100,000
If all 5 hit, every dollar of interest you paid this year is deductible
$40,000 truck at 7.2% APR over 72 months:
Year 1 interest: roughly $2,750
Tax savings at 22% bracket: $605
Total deduction over the loan: $7,000-$10,000
Total tax savings over the loan: roughly $1,600-$2,200
$60,000 truck at the same rate:
Year 1 interest: roughly $4,100
Tax savings: $900+
Total over the loan: $10,000+ in deductions
And this changes the math on financing vs paying cash in a way that's actually stupid. A 0% dealer promo has zero deductible interest. A 5-7% loan has thousands in deductible interest. In some cases it is now literally cheaper to finance at 5% than to pay cash because the tax deduction offsets a significant chunk of the interest cost
Your lender sends a year-end interest statement showing total interest paid. If they haven't sent it, call and ask. Report it on Schedule 1 of your 1040. New line for qualified motor vehicle loan interest
Already filed without it? Form 1040-X. Amended return. You have 3 years. The IRS processes it and mails you a check
13.4 million new cars were sold in the US last year. Roughly 4 million qualify for this deduction. Most of those buyers will never claim it because the IRS didn't exactly take out a billboard and most tax software defaults to the old calculation unless you manually add the line
Check your VIN. Check your loan date. Check your MSRP. If all 5 rules are met, file the deduction or amend your return
You already paid the interest. The government is offering to give a chunk of it back. Don't be the mf who leaves it there
(We fix credit and build funding infrastructure. Better credit = better auto loan rates = more deductible interest = more money back every year. Link in bio)
You are not going to get something for nothing. You have to pay the price that baseball demands and that price is everything.
This game is about the courage to act on your own thoughts and become who you want to become
@JimmyRex I don’t see a forever war starting. I only see results, precision removal of an evil who just took the lives tens of thousands because of their religion and faith in Christ. Their own people celebrate the end of this Tyranny while some Americans denounce it. Proud to be an American. Also look up to you and respect you!