A new federal law has cracked open the door for car buyers to deduct interest on auto loans for the first time in decades, but the benefit is narrowly targeted and comes with several strings attached.

You have to be smart with your money these days, because the economy is so up and down! And that includes being smart about the big purchases you make. A woman posted a video on TikTok and told ...

Forbes contributors publish independent expert analyses and insights. Andrew Leahey is an attorney and law professor that covers tax. Starting in tax year 2025, taxpayers will be able to deduct up to ...

Taxpayers who buy a new car assembled in the U.S. may be able to deduct up to $10,000 from their taxable income beginning in 2025. To help sort out the details, the IRS is rolling out additional ...

Beginning on 2025 tax returns, new car buyers might qualify for an above-the-line deduction of up to $10,000 in car loan interest in a year. Taxpayers will not be able to deduct interest on loans ...