Depreciation expense on vehicle purchased at lease end

Forum|Forum|1 year ago
March 3, 2025
1 reply
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I purchased a vehicle I leased in June 2024. It is the same car. Where do I enter depreciation expense in Turbo tax 2024? The car was leased new on 6/6/2020. Lease ended on 6/6/2024. I purchased it without a gap. Do I use 6/7/2024 as the Date of Service? Where do I enter depreciation expense in Turbo Tax 2024? When does depreciation begin, 6/7/2024 or 7/1/2024? Confused Turbo Tax user

TurboTax Home & Biz Windows

RobertB4444

You should start with 6/7/24 since it went without a gap. Enter the price that you purchased it for as the depreciable basis and go from there. You will still take the lease expenses for the first six months of the year as though they were two different vehicles.

@dchiang8

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