Under current federal income tax rules, so-called personal interest expense generally can’t be deducted. One big exception is qualified residence interest or home mortgage interest, which can be deducted, subject to some limitations, if you itemize deductions on your tax return. The One Big Beautiful Bill Act (OBBBA) adds another exception for eligible car loan
qualified passenger vehicle loan interest
Aug 19, 2025
No tax on car loan interest under the new law? Not exactly
- By Joan Ellenbogen
- Taxes
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Jul 16, 2025
What the new tax law could mean for you
- By Joan Ellenbogen
- Taxes
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As 2025 began, individual taxpayers faced uncertainty with several key provisions of the tax law that were set to expire at the end of the year. That changed on July 4, when President Trump signed the One, Big, Beautiful Bill Act (OBBBA) into law. The OBBBA not only makes many TCJA provisions permanent but also