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I am self-employed and leased a new vehicle last year. Can I report the fees paid for the down payment and other charges due on delivery? I am using TurboTax online.
April 15, 2024
11:20 AM
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Yes, you can claim fees related to leasing a vehicle, but if you used the vehicle for personal use, then you can only claim a portion based on how much you used it for business. You also must prorate the amount over the length of the lease. ex: if your lease is for 5 years, claim 20% of your down payment per year.
April 15, 2024
11:42 AM