06/22/2026
$10,000 maximum annual deduction for interest paid on a qualifying auto loan. Applies to tax years 2025-2028. This is an **""above-the-line""** deduction, meaning it reduces your Adjusted Gross Income (AGI). Taxpayers can claim this deduction **even if they take the standard deduction** and do not itemize. The deduction is a direct reduction of taxable income, providing a benefit to a wider range of taxpayers. Purchaser/lease required to report vehicles VIN on tax return. Must be a new vehicle. Used vehicles are ineligible. Final assembly must have occurred in the United States. Gross vehicle weight rating must be less that 14,000 pounds. Includes cars, minivans, trucks, SUVs and motorcycles. Vehicles include: Camry, Corolla, Tundra, Sequoia, Highlander (U.S. assembled). Vehicle must be for personal use, business-use vehicles do not qualify. Must be a new loan taken out specifically to purchase the vehicle. Refinancing is not eligible. The loan must be secured by a lien on the purchased vehicle. Full Deduction Eligibility Single Filers: $100,000 or less, Married Filing Jointly: $200,000 or less Taxpayers within these income limits qualify for the full $10,000 annual deduction. Phase-Out Ranges Single Filers: $100,000 - $150,000 Married Filing Jointly: $200,000 - $250,000.Deduction amount is reduced for incomes within these ranges and eliminated above the maximum. Based on modified adjusted gross income (MAGI) limits established by the One Big Beautiful Act. Expires December 31, 2028.
Gettel Hyundai of Sarasota
4733 Clark Road Sarasota, FL 34233
(941) 923-1411
