IRS Offers Relief on Car Loan Interest Reporting
The IRS is providing relief on car loan interest reporting under H.R. 1, as both lenders and the agency need more time to comply with the new requirements.
According to Notice 2025-57, the IRS is offering transition relief for certain lenders, making it easier to report car loan interest for vehicles that meet the standards set in the new tax law.
- Suspends penalties for lenders in 2025
- Provides relief for one year to help recipients change their systems
- Gives the IRS time to update its programming and forms to implement Sec. 119-21
The One Big Beautiful Bill Act, also known as Sec. 119-21, excludes qualified passenger vehicle loan interest from the definition of personal interest, with certain restrictions, including that applicable passenger vehicles must have had their final assembly in the United States.
No additional comments from the IRS were provided.
Author's summary: IRS provides temporary relief on car loan interest reporting.
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