The IRS has issued transitional guidance to auto lenders required to report certain vehicle loan interest for 2025. Under the One Big Beautiful Bill Act, interest on qualified passenger vehicle loans originated after Dec. 31, 2024, generally is deductible up to $10,000. Lenders must provide eligible taxpayers with the appropriate information to claim the deduction on their 2025 tax returns. According to the guidance, the IRS will consider that lenders have met their reporting obligations for interest received on a qualified vehicle loan in 2025 if they make statements available to buyers indicating the total amount of interest received. For details: https://bit.ly/4hjcMWA
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