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Richard
Richard, Tax Attorney
Category: Tax
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Experience:  29 years of experience as a tax, real estate, and business attorney.
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Regarding a 1099-c situation and I can claim insolvency, is

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Regarding a 1099-c situation and I can claim insolvency, is a leased vehicle considered as an asset? If so, what value would I put on it?
Submitted: 8 months ago.
Category: Tax
Expert:  Richard replied 8 months ago.

Good afternoon. My name is ***** ***** I look forward to helping you.

No, a leased vehicle would not be an asset. You do not have title to the vehicle and are required to turn it back into the dealer at the end of the lease term. Therefore, it's not something that a creditor could look to for the recovery of any debt. So, you would not include this as an asset on your Form 982.

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