Cindy4
Employee Tax Expert

Get your taxes done using TurboTax

Hi @shareintl !

 

Purchasing a vehicle for personal use will only impact your tax reporting if you have enough items to take the itemized deduction instead of the standard deduction.  You would then be able to include the sales tax paid as part of your itemized deductions.  It wouldn't matter if the vehicle was new or used.

 

A vehicle used for business can be depreciated and any loan interest can be take as an expense.  You may also choose to use the standard mileage deduction rather than use the actual expenses including depreciation.  

 

Wisconsin bases their tax form on the information from your federal tax form 1040, so there is no special or additional Wisconsin tax impact.

 

Here is a great resource regarding business use of vehicles:

https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zzzh

 

Hope this helps!

Cindy

 

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