A new tax break is available this filing season for taxpayers who have car loans on vehicles that meet certain specifications.The One Big Beautiful Bill Act (OBBBA), which was passed through Congress by Republicans using the reconciliation process and signed into law last year by President Donald Trump, included a provision allowing interest on car loans to be deducted under certain circumstances. The IRS released guidance on the implementation of the "No Tax on Car Loan Interest" provision of the OBBBA, which applies to loans taken out to purchase new personal vehicles — not business or comme...
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