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July 14, 2020
Question

Business leased vehicle converted to purchase

  • July 14, 2020
  • 1 reply
  • 0 views

I leased a vehicle used for business for 3 years. Then converted it to a purchase. Same vehicle, and I'm still using it for business. Up to this point, I have used the actual expenses method to deduct the vehicle. How do I report it for this year?

    1 reply

    July 14, 2020

    Treat it as if you bought a completely different vehicle.