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My client is a realtor and leases a car for her business.

She paid $10,000 to lease...
My client is a realtor and leases a car for her business. She paid $10,000 to lease her car for 2017. Would this expense fall under the category of auto repairs? It seems to me that while it is an auto expense, it is not really a repair?
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Answered in 12 minutes by:
3/8/2018
WiseOwl58
WiseOwl58, Attorney
Category: Business Law
Satisfied Customers: 4,413
Experience: Senior Associate at White & Case LLP
Verified

No, it doesn't go under repairs, it would go under "Lease expense" or if there is no category for that, miscellaneous operating expenses.

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Customer reply replied 1 month ago
Do you mean Lease expenses for operating the business? As in actors who rent costumes for their business?

Yes, if she uses the car in earning real estate commission, then it is an operating expense that can be categorized as Lease expense.

Please rate five stars ***** by clicking on five stars ***** and press SEND.

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Good luck to you. I wish you all the best.

WiseOwl58
WiseOwl58, Attorney
Category: Business Law
Satisfied Customers: 4,413
Experience: Senior Associate at White & Case LLP
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Customer reply replied 1 month ago
I read somewhere that the down payment has to be depreciated over the life of the car. If true what would the life span be? And what method would I use?
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