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kimannham
New Member

Is a 2022 Camry hybrid eligible for a deduction/ credit?

 
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2 Replies

Is a 2022 Camry hybrid eligible for a deduction/ credit?

No. 

JohnB5677
Expert Alumni

Is a 2022 Camry hybrid eligible for a deduction/ credit?

No, a used car does not qualify.

 

To qualify, the interest paid must be a loan on:

  • A vehicle that was produced after December 31, 2024,
  • The loan was used to purchase a vehicle, 
    • The original use was by the taxpayer 
    • Used vehicles do not qualify.
  • It must be used for personal use (not for business or commercial use) and
  • The loan must be secured by a lien on the vehicle.

Please see the IRS article No Tax on Car Loan Interest

@kimannham

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