Car loan interest deduction: OBBBA's new above-the-line write-off for personal auto loans

Car loan interest deduction: what do IRS final regs say?

BySW Accounting admin

Can you deduct car loan interest in 2025? Yes, up to $10,000 per return per year, for tax years 2025 through 2028. The car loan interest deduction under OBBBA §70203 covers loans incurred after December 31, 2024 that are secured by a first lien on a U.S.-assembled passenger vehicle you bought for personal use. Final…

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Tax Updates 2026 Feb: The CBO Budget Outlook & What OBBBA Means for Your Wallet

BySW Accounting admin

  Decoding the 2026 Tax & Legislative Landscape! The new OBBBA tax laws, looming budget deficits, and shifting healthcare subsidies are completely reshaping the financial landscape. Read on to discover exactly how these massive 2026 updates impact your wallet and tax return!   Let’s be real—keeping up with tax laws and government budgets can feel…

A split-screen image: on the left, a person is happily driving a new car on a sunny day. On the right, a close-up of a 2025 tax form with a calculator, a car key, and a line item highlighted in green labeled 'Vehicle Loan Interest Deduction'.

Now You Can Deduct “Your Personal Car Loan Interest” for Your Taxes

BySW Accounting admin

  New Car Loan Tax Deduction? A brand-new law gives you a tax break for car loan interest, but it passed late! We explain the IRS’s temporary fix, Notice 2025-57, and what it means for your 2025 taxes.   Did you buy a new car in 2025? If you’re like most people, you probably financed…