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Deducting Interest

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  #1  
Old 04-10-2025, 10:42 AM
Michael G. Michael G. is offline
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Default Deducting Interest

I heard on radio today our President wants to bring back deductions on all cars
loans, BUT only the cars made in the U.S.

What cars are completely made in the states anymore??
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Old 04-10-2025, 11:04 AM
retiredguy123 retiredguy123 is offline
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Probably none, but the law will most likely not require the entire car to be made completely in the U.S.
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Old 04-10-2025, 11:35 AM
Spectreron Spectreron is offline
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This is from GROK, latest available info.

"Based on the latest available data from the Cars.com American-Made Index (AMI) and other sources reflecting 2025 model-year vehicles, here are the top 10 most American-made cars as of April 10, 2025. The AMI ranks vehicles based on factors like assembly location, parts content, engine origin, transmission origin, and U.S. manufacturing workforce. Note that rankings can shift slightly year to year, but these reflect the most current trends:

Tesla Model Y - Assembled in Fremont, California, and Austin, Texas, this electric SUV consistently tops the list due to its high domestic parts content and all-American production.
Honda Passport - Built in Lincoln, Alabama, this SUV stands out with its U.S.-sourced V6 engine and strong domestic manufacturing presence.
Volkswagen ID.4 - Produced in Chattanooga, Tennessee, this electric crossover benefits from VW’s growing U.S. manufacturing footprint.
Tesla Model S - Assembled in Fremont, California, this sedan maintains a high ranking with significant U.S. parts and labor.
Honda Odyssey - Made in Lincoln, Alabama, this minivan scores well due to its American assembly and parts sourcing.
Honda Ridgeline - Also from Lincoln, Alabama, this unibody pickup combines U.S. production with a domestically built V6 engine.
Toyota Camry - Manufactured in Georgetown, Kentucky, the 2025 model (now exclusively hybrid) remains a staple of American-made vehicles.
Jeep Gladiator - Assembled in Toledo, Ohio, this pickup climbs the ranks with its U.S. production and workforce contributions.
Tesla Model X - Built in Fremont, California, this SUV rounds out Tesla’s strong showing with high domestic content.
Lexus TX - Produced in Princeton, Indiana, this new luxury SUV enters the top 10 with its all-American powertrain and assembly.
These rankings reflect vehicles that not only are assembled in the U.S. but also prioritize American-sourced components and labor, making them the "most American" by the AMI’s methodology. Tesla’s dominance highlights its fully U.S.-based production, while Honda, Toyota, and others showcase significant investments in American manufacturing. Traditional U.S. brands like Ford and GM often fall lower due to globalized supply chains or less consistent domestic sourcing, though models like the Ford Mustang and Chevrolet Corvette can still rank well in broader lists. For the absolute latest 2025 AMI (typically released mid-year), keep an eye on Cars.com updates, but this list aligns with current data and trends as of now."
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Old 04-10-2025, 02:50 PM
kingofbeer kingofbeer is offline
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Quote:
Originally Posted by Spectreron View Post
This is from GROK, latest available info.

"Based on the latest available data from the Cars.com American-Made Index (AMI) and other sources reflecting 2025 model-year vehicles, here are the top 10 most American-made cars as of April 10, 2025. The AMI ranks vehicles based on factors like assembly location, parts content, engine origin, transmission origin, and U.S. manufacturing workforce. Note that rankings can shift slightly year to year, but these reflect the most current trends:

Tesla Model Y - Assembled in Fremont, California, and Austin, Texas, this electric SUV consistently tops the list due to its high domestic parts content and all-American production.
Honda Passport - Built in Lincoln, Alabama, this SUV stands out with its U.S.-sourced V6 engine and strong domestic manufacturing presence.
Volkswagen ID.4 - Produced in Chattanooga, Tennessee, this electric crossover benefits from VW’s growing U.S. manufacturing footprint.
Tesla Model S - Assembled in Fremont, California, this sedan maintains a high ranking with significant U.S. parts and labor.
Honda Odyssey - Made in Lincoln, Alabama, this minivan scores well due to its American assembly and parts sourcing.
Honda Ridgeline - Also from Lincoln, Alabama, this unibody pickup combines U.S. production with a domestically built V6 engine.
Toyota Camry - Manufactured in Georgetown, Kentucky, the 2025 model (now exclusively hybrid) remains a staple of American-made vehicles.
Jeep Gladiator - Assembled in Toledo, Ohio, this pickup climbs the ranks with its U.S. production and workforce contributions.
Tesla Model X - Built in Fremont, California, this SUV rounds out Tesla’s strong showing with high domestic content.
Lexus TX - Produced in Princeton, Indiana, this new luxury SUV enters the top 10 with its all-American powertrain and assembly.
These rankings reflect vehicles that not only are assembled in the U.S. but also prioritize American-sourced components and labor, making them the "most American" by the AMI’s methodology. Tesla’s dominance highlights its fully U.S.-based production, while Honda, Toyota, and others showcase significant investments in American manufacturing. Traditional U.S. brands like Ford and GM often fall lower due to globalized supply chains or less consistent domestic sourcing, though models like the Ford Mustang and Chevrolet Corvette can still rank well in broader lists. For the absolute latest 2025 AMI (typically released mid-year), keep an eye on Cars.com updates, but this list aligns with current data and trends as of now."
Good luck with that passing. Interest would be small if the interest rate was a special promo rate. Deduction or tax credit ?
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Old 04-10-2025, 04:59 PM
Pballer Pballer is offline
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The standard deduction was greatly increased in 2017; in reality personal exemptions were done away with and folded into the standard deduction. To take the interest deduction you will probably need to take itemized deductions. Unless you pay a lot in mortgage interest, property taxes and state taxes, or have very large medical bills and charitable deductions, the auto interest deduction will probably be worth very little if anything to you.
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Old 04-10-2025, 05:04 PM
Aces4 Aces4 is offline
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Quote:
Originally Posted by Pballer View Post
The standard deduction was greatly increased in 2017; in reality personal exemptions were done away with and folded into the standard deduction. To take the interest deduction you will probably need to take itemized deductions. Unless you pay a lot in mortgage interest, property taxes and state taxes, or have very large medical bills and charitable deductions, the auto interest deduction will probably be worth very little if anything to you.
If one's expenses are greater than the standard deduction, that interest write-off may be important to them. Particularly if many medical bills/expenses have pushed them to itemizing.
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Old 04-10-2025, 06:49 PM
CarlR33 CarlR33 is offline
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LOL, Tesla, the one vehicle in the cross hairs now. I thought I heard like other vehicles parts are made in other countries even if assembled in the USA (your search does not totally support that though). I see from another search they produce some of the batteries for Tesla's in China, Ouch
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Old 04-10-2025, 07:27 PM
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Quote:
Originally Posted by Michael G. View Post
I heard on radio today our President wants to bring back deductions on all cars
loans, BUT only the cars made in the U.S.

What cars are completely made in the states anymore??
Just want we need more tax breaks for few..
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Old 04-10-2025, 07:31 PM
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Originally Posted by CarlR33 View Post
LOL, Tesla, the one vehicle in the cross hairs now. I thought I heard like other vehicles parts are made in other countries even if assembled in the USA (your search does not totally support that though). I see from another search they produce some of the batteries for Tesla's in China, Ouch

Where else do you think batteries are made and made cheap not under control of EPA. Nothing like going across southern border and letting the polluted air drift to north north east.
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Old 04-10-2025, 08:28 PM
biker1 biker1 is offline
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Tesla’s factories in Nevada, California, and Texas make batteries for Teslas. Some batteries do/did also come from China.


Quote:
Originally Posted by Topspinmo View Post
Where else do you think batteries are made and made cheap not under control of EPA. Nothing like going across southern border and letting the polluted air drift to north north east.
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Old 04-11-2025, 05:16 AM
Jimmay Jimmay is offline
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Quote:
Originally Posted by Michael G. View Post
I heard on radio today our President wants to bring back deductions on all cars
loans, BUT only the cars made in the U.S.

What cars are completely made in the states anymore??
The intent was to buy American which would be General Motors, Ford, Chrysler/Ram
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Old 04-11-2025, 05:17 AM
darkim darkim is offline
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As with current tax laws … it’s based on the final production assembly and ready for sale.
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Old 04-11-2025, 05:27 AM
USOTR USOTR is offline
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Quote:
Originally Posted by Pballer View Post
The standard deduction was greatly increased in 2017; in reality personal exemptions were done away with and folded into the standard deduction. To take the interest deduction you will probably need to take itemized deductions. Unless you pay a lot in mortgage interest, property taxes and state taxes, or have very large medical bills and charitable deductions, the auto interest deduction will probably be worth very little if anything to you.
This is exactly what I was thinking.
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Old 04-11-2025, 05:32 AM
Cliff Fr Cliff Fr is offline
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Quote:
Originally Posted by Michael G. View Post
I heard on radio today our President wants to bring back deductions on all cars
loans, BUT only the cars made in the U.S.

What cars are completely made in the states anymore??
He means cars from a factory in the USA. Whether or not they contain parts from other countries is irrelevant.
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Old 04-11-2025, 05:34 AM
USOTR USOTR is offline
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Unions demanding livable salaries, broke the tritonal American (GM, Ford and Chrysler) car builder. For them to come back to building in the US they would have to build new factories that are like Tesla automated with human assist factory's. This is not an overnight process and their new factory development would be years out. The next question is can American auto makers compete in a world market in quality of workmanship and pricing. I believe they can as Tesla is doing it and making a profit while doing it nicely.
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