Auto Loan Interest Tax Deduction
Claim up to $10,000 a Year
Did you buy a new Acura this year, or are you considering one? You may qualify for a special, time-sensitive tax deduction on your auto loan interest.
How much is the auto loan interest deduction?
Eligible borrowers can deduct up to $10,000 in interest paid annually on qualifying loans from their taxable income.
What vehicles and loans can you deduct?
- New cars and SUVs purchased (not leased) on or after January 1, 2025.
- Vehicles assembled in the U.S.
- Vehicles purchased for personal use. Commercial or business vehicles are excluded.
- The auto loan must be secured through a dealer, bank, or credit union.
Who qualifies for the exemption?
- Individual filers with Modified Adjusted Gross Income (MAGI) of $100,000 or less and married couples filing jointly with a MAGI of $200,000 or less qualify for the full deduction.
- The auto loan deduction shrinks for people with MAGIs over those thresholds, and the deduction is not available for single filers earning more than $150,000 and married couples with incomes above $250,000.
Other stipulations apply. We encourage you to consult your accountant or other tax professional to verify your eligibility and all additional details. Verify where your vehicle was assembled using the NHTSA VIN Decoder.
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Although every reasonable effort has been made to ensure the accuracy of the information contained in this site, absolute accuracy cannot be guaranteed. This site, and all information and materials appearing on it, are presented to the user "as is" without warranty of any kind, either express or implied. Confirm all information with your tax professional and reference the IRS website for complete information.