On top of the purchase price, add registration fees, insurance for the year, a prepaid fuel card, extended warranty, roadside assistance, servicing package, optional extras i.e. theft tracking subscription, roof bars, snow tires etc. And of course, remember to add the 5% trustee fee to the purchase price. See the checklist below for more ideas.

Add the total of the items together and add it to the list price of the vehicle. Enter the total $ amount in Box 2 of the 1099-A. Here’s a handy spreadsheet template to help you calculate the costs.