The IRS also limits the potential deduction for cars, trucks, and SUVs. For example, in 2024 you can deduct up to $30,500 of the purchase price in year one. If the vehicle costs more than that, you are allowed to carry over the rest of that purchase price as a deduction in subsequ...
Wondering if your car registration fees are deductible? Discover the vehicle registration tax deduction criteria, including which fees qualify and how to claim the deduction on your federal tax return.