🚗💸 New Car Loan Interest Deduction – Now Law Under the OBBB! The One Big Beautiful Bill (OBBB) gives taxpayers a brand-new way to save: a deduction for interest paid on new car loans — and yes, that includes motorcycles and even ATVs, as long as they meet certain requirements. 🔹 What Qualifies? ✅ Brand new vehicles only (no used or leased cars) ✅ Must be assembled in the U.S. (check the VIN – it should start with 1, 4, or 5) ✅ Includes cars, trucks, motorcycles, vans, and ATVs ✅ Vehicle must be used personally (not for business) ✅ You must be listed on the loan and title 🔹 Income Limits The deduction starts to phase out at: • $100,000 MAGI for single filers • $200,000 MAGI for married filing jointly And is fully phased out at $150K (single) / $250K (joint) 🔹 How Much Can You Deduct? 💰 Up to $10,000 per year in interest, across all qualifying vehicles on the return 🔹 What You’ll Need to Claim the Deduction: 📌 Loan documents showing interest paid (e.g., Form 1098) 📌 Vehicle Information (make, model, VIN, assembly location) 📌 Proof of personal use 📌 MAGI documentation to confirm eligibility 💡 Tax Tip: Even if you paid the loan off early, any qualified interest you paid counts — just keep your records! Tag or share with a friend who just bought a new car 🚘 or motorcycle 🏍️ – this is one deduction you don’t want to miss!