2024 Tesla Cybertruck Deals, Incentives & Rebates

The Car Loan Interest tax deduction program established under Section 70203 of Public Law 119-21 (One Big Beautiful Bill) allows taxpayers to annually deduct up to $10,000 of qualified loan interest for new personal-use vehicle purchases. Leases are ineligible. To qualify:

• The interest must be on a first lien incurred after December 31, 2024 for the purchase of a new personal-use passenger vehicle (defined as a vehicle with at least two wheels, such as a car, minivan, van, SUV, pick-up truck or motorcycle, with a gross vehicle weight rating of less than 14,000 pounds, and that has undergone final assembly in the United States.).
• Only vehicles that had final assembly in the U.S are eligible. To verify, check the information label attached to the vehicle at the dealership or The National Highway Traffic Safety Administration (NHTSA) VIN Decoder.
• Maximum annual deduction is $10,000.
• Deduction phases out for taxpayers with modified adjusted gross income over $100,000 ($200,000 for joint filers).

To learn more, visit https://www.irs.gov/newsroom/one-big-beautiful-bill-act-tax-deductions-for-working-americans-and-seniors