Notice 2025-57 explains how businesses should report interest to car purchasers so they can deduct it under the OBBBA.
The AICPA said taxpayers and tax professionals need certainty about how to claim the deductions for 2025. The IRS has said it will not update its forms until 2026.
Capital gains tax is a tax on profits from asset sales. Long-term capital gains tax rates are 0%, 15% or 20%. Short-term rates equal ordinary income tax rates.
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