New Vehicle Loan Interest Deduction

New Vehicle Loan Interest Deduction is sponsored by Nebo Credit Union. Allows taxpayers to deduct interest paid on new auto loans for vehicles purchased between January 1, 2025, and December 31, 2028.

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### What You Need to Know: * Taxpayers may be able to deduct qualified auto loan interest per year for tax years 2025 through 2028. **Eligibility Requirements:** * The interest must be paid from a loan on a new passenger vehicle used for personal purposes (used vehicles do not qualify). * Vehicle was purchased on or after January 1, 2025.

* Borrowers must include their vehicle’s VIN (Vehicle Identification Number) when claiming the deduction. * Cars, minivans, vans, SUVs, pickup trucks, and motorcycles. * Must be assembled in the United States (Vin Lookup opens in new window).

* Must have a gross vehicle weight rating under 14,000 pounds. **Interest Paid Information:** * Your total interest paid year to date for your qualifying vehicle is found on your December 31 monthly statement or under the specific loan account(s) in home & mobile banking.

We advise members to consult their tax advisor or visit theIRS website opens in new window “No tax on car loan interest (Section 70203)” for full eligibility guidelines. The products and services on this page are offered through LPL Financial or its affiliates by Registered Representatives of LPL Financial.

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