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marinel_98
January 26, 2023
Question

Leased Car for Business

  • January 26, 2023
  • 1 reply
  • 0 views

Is a leased car considered a business asset? Also do you depreciate a leased car or just list all the expenses incurred by the leased car?

1 reply

T
ThomasM125
January 26, 2023

A leased car is not considered a business asset since you don't own it. As such, you cannot depreciate it (expect in the case of a capital lease where you take ownership when the lease expires) but you can deduct the business use of the auto. You can either use the standard business rate per mile method like you would with a car you purchased or deduct the lease and other expenses such as gas and repairs.

 

 

 

 

 

 

 

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