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Do you pay taxes on a leased vehicle in Florida

Customer Question
I may be leasing a...
I may be leasing a car and I just want to be informed on how the taxes work on leasing a car. Do you pay taxes on the purchase price like you would if you were financing or do you pay the taxes in the monthly payment on a lease. I live in Florida what is the Tax law on a lease
Submitted: 10 years ago.Category: Tax
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Answered in 6 minutes by:
3/28/2007
Tax Professional: RD, Certified Public Accountant (CPA) replied 10 years ago
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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If you are leasing the vehicle than you would pay sales tax on the monthly payment of lease. If you purchase the vehicla outright than sales tax is on purchase price.

Here is a link for your information

http://dor.myflorida.com/dor/taxes/vehicle_sut.html

 

Let me know if you have any question. Bonus and Feedback will be highly appreciated!!!

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases.

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RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
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Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..

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