Beginning on 2025 tax returns, new car buyers might qualify for an above-the-line deduction of up to $10,000 in car loan interest in a year. Taxpayers will not be able to deduct interest on loans ...

How does the new deduction on car loan interest work? Beginning on 2025 tax returns, new car buyers can take a deduction of up to $10,000 in car loan interest during a given tax year.

Now that the 2025 federal tax bill has been signed into law, it’s appropriate to revisit one of its most news-making elements: the federal deduction for state and local taxes (SALT). The new ...

A bipartisan proposal that would repeal gambling tax loss deduction changes picked up more sponsors but still faces political obstacles.

A look at the "no tax on car loan interest" provision in the "Big Beautiful Bill" reveals key eligibility criteria. But the law does not make all auto loan interest tax-deductible.

Millions of people receive a federal tax deduction for the interest they pay on home loans. Under President Donald Trump's new tax-cut law, many people for the first time also could claim a tax ...

Millions of people receive a federal tax deduction for the interest they pay on home loans. Under President Donald Trump's new tax-cut law, many people for the first time also could claim a tax ...