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JBE, CPA
JBE, CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 137
Experience:  25 Years Experience
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leased autos

Customer Question

LEASED AUTO RULES
Submitted: 11 years ago.
Category: Tax
Expert:  JBE, CPA replied 11 years ago.
You may deduct your auto lease payments subject to the business use percentage. In addition, based upon the value of the auto, there are lease income inclusion tables provided by the IRS which requires you to include specific amounts in your income, which essentially reduces the lease deduction. The lease inclusion amounts are very nominal.

The lease vs buy decision is more a cash flow decision than a tax driven decision. Leasing typically allows you to acquire a more expensive vehicle than what one can purchase. However, many of the auto manufacturers have so many incentives purchasing is very attractive.

JBE, CPA   
Customer: replied 9 years ago.
Reply to JBE, CPA's Post: MY QUESTION IS AS FOLLOWS:

2003 HONDA ACCORD STALLS AND WILL NOT RESTART. TECHNICIAN CAN NOT FIND PROBLEM. IDLE IS LOW AND CAR OFTEN STALLS. ANY SUGGESTIONS?

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