Park City drivers now have a compelling reason to check where their new Ford is assembled: a federal tax deduction allows qualified buyers to deduct up to $10,000 of loan interest on new, U.S.-assembled vehicles purchased for personal use, if other IRS criteria are met.
For Park City-area car buyers, this deduction applies to qualified interest paid on a new personal-use vehicle you finance. Additionally, the vehicle must be:
The deduction is also available whether you itemize your taxes or take the standard deduction. However, it does not apply to leases or to vehicles purchased for business or commercial use under this personal-use deduction.
The basic deduction cap is up to $10,000 of interest paid in the applicable tax year. It starts phasing out for single filers with a gross income of more than $100,000 and for joint filers with a modified adjusted gross income of more than $200,000. Qualified vehicles must have a gross weight rating of 14,000 pounds or less. To claim the deduction, drivers must include the VIN on their tax return.
Although the deduction may result in tax savings, the exact amount depends on:
Our team at Karl Malone Ford Park City can help you browse our new Ford inventory, compare eligible models, and assist you with financing to take advantage of this deduction. Remember to confirm your tax eligibility with a qualified tax professional.
Final eligibility depends on the specific vehicle you choose and current IRS rules. Confirm the vehicle identification number (VIN) and assembly information for the model you plan to finance. Models that qualify for the American Assembled Deduction include:
Yes. Ford assembles more than 75 percent of their vehicles in the United States. That is a strong position for shoppers in Park City who want a new vehicle from a brand with deep domestic assembly operations and numerous options.
Learn more about the American Assembled Tax Deduction and browse our new Ford inventory to find the right new Ford vehicle at Karl Malone Ford Park City. Get started from home and submit a financing application to save time during your visit so you can focus on features, options, and test drives.
2175 Rasmussen Rd
Park City, UT 84098
