All articles tagged with #vehicle purchase
Originally Published 11 days ago — by IRS (.gov)
The IRS and Treasury issued guidance on a new tax deduction for interest paid on qualifying vehicle loans for American-made cars purchased after December 31, 2024, applicable to both standard and itemized taxpayers, including rules for eligibility, reporting, and limits.
Originally Published 2 years ago — by TESLARATI
Tesla has embraced the new immediate use of the EV tax credit, allowing buyers to apply the credit as a discount at the point of sale, essentially taking $7,500 off of the purchase price. The changes, announced by the IRS and Department of the Treasury, will take effect in 2024, enabling owners to receive an immediate discount on their vehicle purchases. The new system will let buyers immediately receive the credit amount off of the purchase price of the vehicle, given that the car still qualifies.