I made a car purchase in 2022. Let's say the total price was $100,000 + $8,380 (sales tax) =$108,380. A down payment of $40,000 was made at the time of purchase. The rest was financed with a monthly payment of roughly $1000 per month.
I am trying to do itemized deduction and the car is for personal use. To calculate the sales tax paid, would I just do $40,000 x 8.38% and the number will be the sales tax paid? What about the monthly loan payment? How do you calculate the sales tax paid in that?
Thanks in advance!
