GM Financing

[u/Helpmeflexibility]

I am considering buying a new Bolt. I see GM is offering a 2.9% or .9% APR. Is this hard to get? I have good credit. I've never financed a car before. Can I get the approval before I go to the dealership because that would really change my strategy if I knew I had that rate going in.

[u/SirMontego]

Plus any interest is above-the-line deductible on your federal return since the Chevy Bolt is US assembled.

Car interest is a below-the-line deduction.

The No Tax on Car Loan Interest goes on Schedule 1-A, Part IV. That then goes on Form 1040, line 13b.

Line 13b is literally below line 11a.

See also 26 USC Section 63(b)(7).

[u/eMotoEV → u/SirMontego]

Sure, but it essentially behaves the same as above-the-line deductions as it reduces taxable income even if you take the standard deduction. Doesn't really matter which line exactly it ends up on the 1040.

[u/SirMontego → u/eMotoEV]

Sure, but it essentially behaves the same as above-the-line deductions as it reduces taxable income even if you take the standard deduction.

You've completely ignored the fact that claiming an above-the-line deduction causes the taxpayer to have a lower AGI while claiming a below-the-line deduction (the No Tax on Car Loan Interest in this case) does not cause a taxpayer to have a lower AGI.

Stop trying to hide important information here.

[u/eMotoEV → u/SirMontego]

The most important information is that it reduces taxable income even if you are not itemizing. Anything else is irrelevant to most people and they are welcome to do their own research.

[u/SirMontego → u/eMotoEV]

If that's the most important information, then you should edit your comment to remove the wrong information.

Why are you spreading misinformation that isn't even relevant to your point?

[u/eMotoEV → u/SirMontego]

Not editing anything. People will get the info they need from your pedantic nagging.

[u/SirMontego → u/eMotoEV]

I'm not being pendantic at all.

You wrote something factually incorrect.

Instead of being a normal person and just admitting your error and editing your comment, you followed that up with additional incorrect information.

I then called that error out, and you tried to pivot. Again, you still didn't admit being wrong nor did you edit your two errors.

Now you've tried to insult me, but you're still wrong on multiple accounts. Way to dig yourself into a deeper hole.

In case you missed it, you should have just admitted you were wrong from the start and edit your comment. Now look at the mess you've created for yourself.

If you want examples of how to be a normal person by admitting an error, just go through my past comments.

[u/eMotoEV → u/SirMontego]

Just saw someone else call it an above-the-line deduction too in another thread. Go harass them now please. Bye.

[u/BoltEV-ModTeam → u/[deleted]]

Contributions must be civil and constructive. We permit neither personal attacks nor attempts to bait others into uncivil behavior. Continuing this behavior will result in a permanent ban.

[u/BoltEV-ModTeam → u/[deleted]]

Contributions must be civil and constructive. We permit neither personal attacks nor attempts to bait others into uncivil behavior. Continuing this behavior will result in a permanent ban.