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yukon1244
New Member

I was never asked the question about if I bought a new car for 2025 and I need and need to be able to deduct the interest. Where in turbo tax does it ask this question?

 
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2 Replies
MindyB
Expert Alumni

I was never asked the question about if I bought a new car for 2025 and I need and need to be able to deduct the interest. Where in turbo tax does it ask this question?

To enter this in TurboTax Online, navigate to Federal > Deductions & Credits > Add more deductions > Cars and Other Things You Own > Car Loan Interest 

 

There are a few qualifications that are required in order to be eligible for this deduction.

 

According to What is the vehicle loan interest deduction?, here are the rules:

  • "It was purchased, not leased, in 2025.
  • It’s a brand new vehicle. In other words, you didn’t buy it used.
  • Its final assembly was in the U.S.
    • You can check this by entering your VIN and model year into the VIN decoder provided by the National Highway Traffic Safety Administration. You’ll also include the VIN on your tax return.
  • It's a car, van, SUV, motorcycle, or pickup truck that weighs less than 14,000 pounds.
  • You bought it for personal use.
  • You didn’t pay the interest to a family member or a business you own. The loan must be secured by the vehicle."

I was never asked the question about if I bought a new car for 2025 and I need and need to be able to deduct the interest. Where in turbo tax does it ask this question?

Thank You!!

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