IRS Finalizes Car Loan Interest Deduction With ACU-Backed Changes
By CU Today Staff —
WASHINGTON--The Internal Revenue Service (IRS) Monday published its final rule implementing the car loan interest deduction, including several changes recommended by America’s Credit Unions, ACU reported.
Effective Nov. 7, deduction rules under section 163(h)(4) of the Internal Revenue Code apply to taxable years beginning after Dec. 31, 2024, and the reporting rules under section 6050AA apply to interest received in calendar years 2025 through 2028.
America’s Credit Unions-recommended changes include:
There were some credit union-sought changes that were declined by the IRS. America’s Credit Unions will continue to engage Treasury and IRS staff on the implementation burdens, ACU said.
Originally reported by CU Today.