Yes. You can enter your car loan interest by selecting the following:
- Deductions and credits
- Cars and Other things you own
- Start next to Car Loan Interest
- You will need to enter the VIN and information from the lender
In order to claim this interest the following criteria must be met:
- The car was purchased not leased
- Final assembly occurred in the US
- It is NOT a business use, but was purchased for personal use
- It has a GVWR of less than 14,000lbs (car, truck, SUV, mini van or motorcycle)
- Loan was originated in 2025 and must be secured by a lien on the vehicle or the title
- Your income must be less than $100,000 if single or $200,000 if married filing jointly to receive the full deduction.
- If your income is over $150,000 if single or $250,000 if Married filing jointly, you are not eligible
Note: The interest deduction is capped at $10,000. This is an above the line deduction, not a credit meaning it will lower your AGI and taxable income. It will not be an amount that is refunded to you, but it could result in a refund by lowering your taxable income.
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