Becky discusses the new vehicle interest deduction, which allows up to $10,000 in deductible interest on new personal vehicles assembled in the U.S. that weigh 14,000 pounds or less and have at least two wheels.

She explains how to claim this deduction on Form 1A using your VIN number, how it works alongside the standard deduction, and the phase-out thresholds for higher-income taxpayers ($100,000 for single filers and $200,000 for married filers).

She also notes that this deduction is not available for Montana residents.