🚗💰 **Tax Deduction Alert for Vehicle Buyers!** 💰🚗 From 2025 through 2028, you can deduct up to **$10,000** in interest paid on loans for new, U.S.-assembled personal vehicles! This applies to cars, SUVs, motorcycles and trucks purchased after December 31, 2024. 🌟 **Key Details:** - **Who’s Eligible:** Individuals taking the standard or itemized deduction - **Income Phase-Outs:** Single filers with an AGI at $100,000 ($200,000 for joint filers) - **Eligible Vehicles:** New cars, minivans, SU
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There’s been a lot of confusion around the car loan interest deduction, so let’s clear it up 👇 The car must be new, personally used, under 14,000 lbs, financed (not leased) through a qualified lender, and final assembly must have occurred in the USA and yes, even dealer cars with prior mileage don’t qualify. If your vehicle checks all the boxes and was purchased between January 1, 2025 and December 31, 2028, this deduction can be taken in addition to your standard or itemized deduction. Be sure
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Tax deductions aren’t automatic. Just because a vehicle weighs over 6,000 pounds doesn’t mean you can write it off. Section 179 requires business use, and any personal use reduces your deduction. Get the details right or risk costly mistakes! #TaxStrategy #BusinessDeductions #GetUpleveled credit (IG): Karla Dennis - @karlakdennis SF0523 | Uplevel Entrepreneur
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