WASHINGTON, Jan. 2 -- Internal Revenue Service has issued a proposed rule called: Car Loan Interest Deduction.
The proposed rule was published in the Federal Register on Jan. 2 by Frank J. Bisignano, Chief Executive Officer.
Summary: This document contains proposed regulations regarding the deduction for certain taxpayers for an amount up to $10, 000 of qualified passenger vehicle loan interest. This document also contains proposed regulations regarding new information reporting requirements for certain persons who, in a trade or business, receive from any individual interest aggregating $600 or more for any calendar year on a specified passenger vehicle loan, including applicable penalties for failures to file information returns or furn...