09/08/2026
๐จ MAJOR TAX LAW CHANGE โ Are your clients asking about this?
Starting this tax year, taxpayers may deduct qualified auto loan interest on Schedule 1-A (Form 1040).
BUT here is what most preparers are missing:
โ Previously owned vehicles do NOT qualify
โ
New vehicles ONLY
This deduction is available whether the taxpayer itemizes OR claims the standard deduction.
๐ฌ Quick quiz: Your client bought a used car in 2025 and paid $1,200 in loan interest. Can they deduct it?
Comment YES or NO below. We will reveal the answer tonight.
๐
Southern Regional Tax Conference โ November 6-7, Biloxi MS
๐ Register: amdata.com/conference