Solved
AUTO LOAN INTEREST DEDUCTION
NEW CAR WAS LEASED IN 2023 AND PURCHASED OFF THE LEASE IN 2025 USING A LOAN TO FINANCE THE PURCHASE. PERSONAL USE ONLY. IS THE INTEREST DEDUCTIBLE?
No, the interest is not deductible. You must purchase a new car in 2025 for the interest to be deductible on a federal tax return.
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