Understanding Tax Deductions: Itemized vs. Standard Deduction

There’s been a lot of confusion around the car loan interest deduction, so let’s clear it up 👇 The car must be new, personally used, under 14,000 lbs, financed (not leased) through a qualified lender, and final assembly must have occurred in the USA and yes, even dealer cars with prior mileage don’t qualify. If your vehicle checks all the boxes and was purchased between January 1, 2025 and December 31, 2028, this deduction can be taken in addition to your standard or itemized deduction. Be sure

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