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New Tax Break Offers Up to $10,000 Car Loan Deduction

2/11/2026

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Summary

Story summary

A new tax break lets Americans who bought new cars in 2025 deduct up to $10,000 in auto-loan interest.
The deduction comes from a bill signed by U.S. President Donald Trump to make car ownership more affordable.
Eligible taxpayers include singles up to $100,000 and married couples up to $200,000, and the deduction applies to personal-use, U.S.-assembled vehicles claimed via Schedule 1-A through December 31, 2028.

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Story summary

A new tax break lets Americans who bought new cars in 2025 deduct up to $10,000 in auto-loan interest.
The deduction comes from a bill signed by U.S. President Donald Trump to make car ownership more affordable.
Eligible taxpayers include singles up to $100,000 and married couples up to $200,000, and the deduction applies to personal-use, U.S.-assembled vehicles claimed via Schedule 1-A through December 31, 2028.