New Car, New Tax Benefits

Name: New Car, New Tax Benefits
Uploaded: 2026-11-09T22:31:43.925Z
Duration: 30 s
Channel: IRS Videos
Description: With the purchase of a new vehicle assembled in the U.S., taxpayers may be able to deduct their car loan interest. The deduction is available for both itemizing and non-itemizing taxpayers. The maximum annual deduction is $10,000 and phases out for taxpayers with modified adjusted gross income over $100,000 ($200,000 for joint filers). Read the IRS tax tip for more details