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Question

Vehicle deduction or credit

Forum|Forum|11 months ago
April 8, 2025
1 reply
0 views

I brought my first personal use car near the end of 2024. I took a car loan for the purchase. I drive to work with the car and it is not electric. Are there any deduction or credit that I can claim for the car?

if it's a qualified EV vehicle, there would be a tax credit. Otherwise, as a personal use vehicle, there is no deduction for the loan interest. If you itemize and take the sales tax deduction instead of the state income tax deduction, the sales tax would be in addition to other sales taxes paid during the year. Whether it helps depends. There's an overall limit of deductible taxes on schedule A of $10,000

yatoshuraAuthor

How much is the electric vehicle credit? Does it have to be a brand new vehicle?