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cmsully23
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Hello! I purchased a new vehicle in September and I cannot find where to input information about it (Cost, Sales Tax, etc.) Where do I input this information? Thank you!

 
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Hello! I purchased a new vehicle in September and I cannot find where to input information about it (Cost, Sales Tax, etc.) Where do I input this information? Thank you!

It depends on what you're using it for. 

If you're using it as a business expense, then you take the mileage on Schedule C.  You claim that by going to Business Expenses>Business Vehicle Expenses on your Business tab.  

If you're using it as a car to check on rental properties, you take it as a deduction on Schedule E.  Go to Rental Properties and Royalties>Vehicle Expenses on your Business tab.  

If you're taking off sales tax paid on a new car, you take it as a deduction on Schedule A.  Go to Deductions & Credits>Estimates and Other Taxes Paid>Sales Tax.  

If you're taking off the registration fee, you take it as a deduction on Schedule A.  Go to Deductions & Credits>Cars and Other Things you Own>Car Registration Fees.  Depending on the state in which you live, you may or may not be able to deduct it.  


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Hello! I purchased a new vehicle in September and I cannot find where to input information about it (Cost, Sales Tax, etc.) Where do I input this information? Thank you!

It depends on what you're using it for. 

If you're using it as a business expense, then you take the mileage on Schedule C.  You claim that by going to Business Expenses>Business Vehicle Expenses on your Business tab.  

If you're using it as a car to check on rental properties, you take it as a deduction on Schedule E.  Go to Rental Properties and Royalties>Vehicle Expenses on your Business tab.  

If you're taking off sales tax paid on a new car, you take it as a deduction on Schedule A.  Go to Deductions & Credits>Estimates and Other Taxes Paid>Sales Tax.  

If you're taking off the registration fee, you take it as a deduction on Schedule A.  Go to Deductions & Credits>Cars and Other Things you Own>Car Registration Fees.  Depending on the state in which you live, you may or may not be able to deduct it.  


cmsully23
New Member

Hello! I purchased a new vehicle in September and I cannot find where to input information about it (Cost, Sales Tax, etc.) Where do I input this information? Thank you!

This was perfect and exactly what I was looking for! Thank you Cheryl W !
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