Question

Entering FMV for lease on SE return. Do I take the value plus monthly payments and put it in vehicle lease expenses. ie $30,000 + $3300 = $33,000 vehicle lease expenses?

Forum|Forum|6 years ago
March 20, 2020
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TurboTax Self Employed Online

Vehicle lease expenses are just the amount of the lease payments.

Fair Market value is the Fair Market Value of the vehicle on the first day of the lease term.

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R

rebecca613Author

Thank you. But I’m still confused. The question says “we need to know the FMV and we also need to know the lease payments” I acquired the lease in 2019 tax year. If I add the value of vehicle and payments, it has a much different outcome than just payments. I need to know if I add the fmv and lease payments or just lease payments. The word ALSO is what is throwing me.