Transition Guidance for Car Loan Interest Deduction
On October 21, 2025, the IRS issued transition guidance for the new deduction for car loan interest. The new deduction is effective starting in the 2025 tax year.
Notice 2025-57 allows lenders to provide statements to borrowers showing the total amount of interest, and the guidance does not require such lenders to file forms with the IRS for the 2025 tax year.
In our upcoming seminars, we will discuss the details of the new deduction for car loan interest along with the many new tax provisions that are effective for the 2025 tax year.
Are you registered for one of our upcoming seminars in December and January? If you are not already registered, register here so you’ll be fully prepared with what you need to know, including the major new federal tax law enacted on July 4th.