How can I record a new car purchase with breakdown

daveb1255

I recently purchased a new accessible van which I financed it. A good portion of tge cost was the conversion for a wheelchair. This is tax deductible. I have the total cost, the cost of the conversion, registration, tax, doc fees, trade in, and down payment. Any help would be greatly appreciated.

NotACPA

Create an account for the van (OR, decide to use an existing account).

Record the purchase price there with splits showing the various components of the purchase which sum to the total value of the van.

Some of those split lines will be to tax-deductible categories, and others are just FYI. Without knowing your tax situation, I can't advise on what would be which (for example, Sales Tax is deductible on my IRS 1040, since my state doesn't have an income tax).

The level of detail in the split will depend on how precise you feel the need to be.