how to categorize sales tax on a transaction paid over two years
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chrislaycock
Member ✭✭
I am in Texas and am tracking the sales tax I spend each year so that I can consider itemizing when it comes to tax time. For most transactions it is fairly simple but there is one I'm confused about...
I purchased a hot tub. Approx half of the cost was due in 2020 at the time of the order (a refundable deposit) with the remainder being paid just before the hot tub arrived in 2021.
I have one invoice from the vendor for the total amount but with two separate credit card receipts for the different years.
If I want to keep proper track of sales tax how should I categorize these transactions?
I purchased a hot tub. Approx half of the cost was due in 2020 at the time of the order (a refundable deposit) with the remainder being paid just before the hot tub arrived in 2021.
I have one invoice from the vendor for the total amount but with two separate credit card receipts for the different years.
If I want to keep proper track of sales tax how should I categorize these transactions?
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Comments
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Enter the sales tax at the time you purchased it. You deduct it all the year you bought it. It doesn't get allocated to your payments. All at once.
I'm staying on Quicken 2013 Premier for Windows.
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