Trump’s new car loan interest deduction — here’s how to qualify for a tax break
The new car loan interest deduction can reduce your taxable income by as much as $10,000 a year, but you’ll need to buy a new luxury vehicle to get the full benefit.
Kemberley Washington, CPA, is a former tax expert and journalist for Bankrate, and a former IRS agent with over 20 years of experience in tax policy. She started her career as a revenue agent and criminal investigator with the IRS. However, in the aftermath of Hurricane Katrina, she began writing and teaching about taxes and personal finance to help her community during a devastating time.
Her stories have appeared in Yahoo Finance, Jet Magazine, Black Enterprise, Fox Business, Forbes and more. She frequently appeared on many national and local television shows, including NBC's WDSU and Good Morning America 3.
She has authored several books, including "It All Starts with a Budget," "The Ten Commandments to Financial Healing" and "21 Days of Powerful Breakthroughs." Some of her books are featured on the YouVersion Bible App.
After six months of training on how to shoot guns, arrest people and conduct speed chases as an IRS criminal investigator, I knew that carrying a gun wasn't for me! However, my IRS experience gave me the opportunity to help others with tax and finance issues. Today, I continue to share tax tips through my writing, news appearances, and volunteering in the community.
— Kemberley Washington, CPA
The new car loan interest deduction can reduce your taxable income by as much as $10,000 a year, but you’ll need to buy a new luxury vehicle to get the full benefit.
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