topic Does financing a new car qualify for any credit or deduction? in Deductions & credits

Does financing a new car qualify for any credit or deduction?

Kell23elis — Sat, 01 Jun 2019 19:43:33 GMT

I brought my first car in December of 2017. I pay monthly with interest for 5 years. Does it qualify for any credits?

Unfortunately, you cannot deduct the payments or interest...

AlanT — Sat, 01 Jun 2019 19:43:34 GMT

Unfortunately, you cannot deduct the payments or interest on your personal vehicle unless it is used for self-employed business purposes.

No, nothing about financing a normal, personal use car qu...

Rainman12 — Sat, 01 Jun 2019 19:43:36 GMT

No, nothing about financing a normal, personal use car qualifies for any deductions or credits. Sales tax paid can be deducted IF you itemize, and Some electric vehicles May qualify for a tax credit.