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Started By
Message
Vehicle interest write off
Posted on 7/3/25 at 12:50 pm
Posted on 7/3/25 at 12:50 pm
Hows this gonna work?
5
Posted on 7/3/25 at 12:57 pm to TigersHuskers
$10k deduction on American Made/Assembled cars bought between 2025 and 2028. No need to itemize to get it.
Phased out for individuals making over $100k and $200k for couples.
Phased out for individuals making over $100k and $200k for couples.
Posted on 7/3/25 at 12:59 pm to MamouTiger65
quote:
$10k deduction on American Made/Assembled cars bought between 2025 and 2028. No need to itemize to get it. Phased out for individuals making over $100k and $200k for couples.
There’s always a catch.
Posted on 7/3/25 at 12:59 pm to TigersHuskers
All I know is it's not a valid function of government to be doing this shite.
Posted on 7/3/25 at 1:03 pm to MamouTiger65
My dad just got a new truck and had to finance it to get $4000 off MSRP. Hes just not sure now if he should just pay it off or go with writing off the interest and investing the money he was gonna use for it.
Posted on 7/3/25 at 1:04 pm to TigersHuskers
What interest rate did he get?
Posted on 7/3/25 at 1:05 pm to 3down10
quote:
All I know is it's not a valid function of government to be doing this shite.
The whole concept of taxing income is relatively new to human history.
Posted on 7/3/25 at 1:06 pm to MamouTiger65
quote:
$10k deduction on American Made/Assembled cars bought between 2025 and 2028.
quote:
Phased out for individuals making over $100k and $200k for couples.
Posted on 7/3/25 at 1:18 pm to dgnx6
quote:
The whole concept of taxing income is relatively new to human history.
Not exactly, they use to just call it slavery or indentured servitude.
Take the slaves of ancient Egypt. IIRC they only had to give like 20% of their production. And the only reason those people agreed to it is because they were starving due to famine and had to sell their lands to survive etc.
Our modern understanding of slavery is 100% theft and complete control, but that has not always been the case.
There are other ways to fund government that doesn't involve stealing someones wealth with the threat of imprisonment or death. And that includes theft via inflation.
Posted on 7/3/25 at 1:20 pm to MamouTiger65
quote:
Phased out for individuals making over $100k and $200k for couples.
So, in a sense, a relative tax hike on the middle class. Shocker.
Posted on 7/3/25 at 1:22 pm to MamouTiger65
quote:
Phased out for individuals making over $100k
This is really like making 75K now a days. If everything is going to be giraffe nuts high, these limits need to raise.
Posted on 7/3/25 at 1:22 pm to MamouTiger65
quote:
Phased out for individuals making over $100k and $200k for couples.
Dumb. Government continues to levy punishment on success.
Posted on 7/3/25 at 1:24 pm to TigersHuskers
I don't like the idea of government encouraging people to go more into debt.
Posted on 7/3/25 at 1:25 pm to CubsFanBudMan
quote:
What interest rate did he get?
Like 6% he originally intended to pay it off with the first bill but now he might as well just keep it financed. Hes retired so the income caps dont matter to him
Posted on 7/3/25 at 1:46 pm to TigersHuskers
He needs to check all the details, such as is the interest paid an income deduction or a straight tax deduction and then calculate it out.
Posted on 7/3/25 at 1:53 pm to ValZacs
New cars only? What if you buy a certified used vehicle from a dealer?
Posted on 7/3/25 at 2:01 pm to Rex Feral
quote:
I don't like the idea of government encouraging people to go more into debt.
I kind of like it since I never borrow money. Big advantage for me.
Posted on 7/3/25 at 2:16 pm to TigersHuskers
I thought to get it you have to itemize and you still have to be over a certain thresh hold of write offs?
Posted on 7/3/25 at 2:41 pm to PaperTiger
Separate line item, no itemizing needed. I just read that. Also looks like the deduction is up to$10k interest per year, so it goes to adjusted income - tax saved based on bracket.
$50k loan @ 6% for 48 months is spprox $6400 total interest paid - so if you could claim all at once, @ 24% tax bracket is a tax savings of $1500ish. So you spend 6400 to reduce tax by 1500 over 4 years.
Unless i missed something here, def save more by paying off.
$50k loan @ 6% for 48 months is spprox $6400 total interest paid - so if you could claim all at once, @ 24% tax bracket is a tax savings of $1500ish. So you spend 6400 to reduce tax by 1500 over 4 years.
Unless i missed something here, def save more by paying off.
Posted on 7/3/25 at 2:41 pm to MamouTiger65
quote:You're welcome, you freeloading bastards. Why is it always that the people paying the most in taxes are forbidden from benefitting from any program?
Phased out for individuals making over $100k and $200k for couples.
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