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stevetaxprofl
Level 2

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?

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‎February 15, 2026 10:20 AM
last updated ‎February 15, 2026 10:20 AM
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DoninGA
Level 15
Level 15

AUTO LOAN INTEREST DEDUCTION

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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‎February 15, 2026 10:21 AM
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DoninGA
Level 15
Level 15

AUTO LOAN INTEREST DEDUCTION

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.

‎February 15, 2026 10:21 AM
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