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The No. 1 point to know: Many people aren't likely to benefit from this proposed deduction, even if they do take out a loan on their car and truck. It sort of sounds better than it really would ...
The former president on Thursday proposed making interest on auto loans tax-deductible, an idea that is similar to the mortgage interest deduction, which allows some homeowners to reduce their ...
Car loans: You can get a car with a bad credit score, but it could cost $10,000 more "There is certainly a coherent case for making interest on car loans tax deductible," Hines said.
Science & Tech. Shopping. Sports
Allowing car loan interest to be tax deductible “will encourage people to take out more debt on an expensive depreciating asset by stimulating demand for cars,” Lincicome explained, adding ...
Under section 179(b)(1), the maximum deduction a taxpayer may take in a year is $1,040,000 for tax year 2020. Second, if a taxpayer places more than $2,000,000 worth of section 179 property into service during a single taxable year, the § 179 deduction is reduced, dollar for dollar, by the amount exceeding the $2,500,000 threshold, again as of ...
GREENSBORO, North Carolina (Reuters) -Republican presidential candidate Donald Trump said on Tuesday he would make interest on car loans fully tax deductible for cars built in the United States ...
For tax year 2024, the standard deduction is $29,200 for married couples and $14,600 for individuals, meaning any taxpayer who hopes to take advantage of Trump's proposed car loan interest break ...