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New Member
posted Jun 1, 2019 12:43:33 PM

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

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

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2 Replies
Expert Alumni
Jun 1, 2019 12:43:34 PM

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

Alumni
Jun 1, 2019 12:43:36 PM

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.