If I purchased a vehicle, do I need to put that on my taxes?

[SharonD007 · Accepted solution]

It depends. You may be able to deduct up to $10,000 of interest paid for the purchase of a new vehicle in 2025.  You must meet the following rules to take the deduction:

• You purchased (not leased) your vehicle in 2025
• The vehicle was brand new
• The financial assembly was in the United States
• The vehicle is a car, van, SUV, motorcycle, or pickup truck that weighs less than 14,0000 pounds
• The vehicle is for personal use
• The loan must be secured by the vehicle.

Please review the TurboTax Help articles for more information: What is the vehicle loan interest deduction?, One Big Beautiful Bill: New Car Loan Interest Deduction (Part 4), and I Bought My First Car This Year, Turns Out I Might Get Money Back for It.