Entering a new car in Major Purchases

[hxgal]

I bought a new car.  Purchase price was $40204 but then I had down payments and dealer credits of $10500.  Excise tax, license, title, registration, etc (all paid to dealer) were $600, Sales tax was $4115.26, service contract was $2995 and sales tax on the service contract was $299.50.

When I'm entering the car in to the major purchases section do I enter the cost as the actual purchase price ($40K) or the price after my down payment/credits?  Do I include the service contract?  Do I include the excise tax and service contract sales tax with with vehicle sales tax under sales tax paid?

[ColeenD3]

Yes you include all costs necessary to acquire the car (this would include any sales taxes or fees) in the basis of your new car. If you received a rebate, this is a cost you did not incur and would not be included. The service contract is an option and not included in the price. That portion of sales tax is also not included.

Most contracts separate out the sales tax and make it easy for you.

[Mason36]

Where can I enter the information for purchasing a new vehicle in turbotax? For some reason I cant find it.

Thanks in advance,

[TomK100]

In Deductions & Credits, look under "Estimates and Other Taxes Paid."  Then start/edit "Sales Tax."