Question
Should i include total loan amt financed when being asked the total cash/loan amount paid WITH the trade in? itemizing, adding expenses for vehicle bc use it for delivrys
I traded in a prev vehicle for my current truck, and now use truck for pkg deliveries as contracted nonemployee compensated driver. From understanding, i can claim depreciation or loan payments as deductions, so it asked if i traded a vehicle in for my current one- i did but not sure what amt to put when it asks the total loan/cash amt paid WITH the trade in. I understand if we put cash down when we traded, but not sure if i need to include the full amount that was financed to obtain the current vehicle
