Question is that i bought a new car. I heard you can file finance charge in taxes. If so I can I fix and add amount.

[Mcastro845]

Question is that i bought a new car. I heard you can file finance charge in taxes. If so I can I fix and add amount.

[DoninGA]

You can deduct the interest paid on a new car loan.

To enter Car Loan Interest -

Click on Federal Taxes (Personal using Home & Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Scroll down to Cars and Other Things You Own
On Car Loan Interest, click on the start or update button

[MindyB]

Yes, it is true that there is now an interest deduction available for brand new vehicles purchased beginning in 2025.  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."