What are the tax implications of leasing a vehicle?
An example of an AI chatbot conversation about tax implications of leasing vehicles.
What are the tax implications of leasing a vehicle?
When you lease a vehicle, you typically can deduct the lease payments as a business expense if the vehicle is used for business purposes.
Are there any limitations on the deductions I can take?
Yes, there are limitations based on the fair market value of the vehicle and the percentage of business use.
What if I use the vehicle for both personal and business purposes?
You can only deduct the portion of the lease payments that corresponds to the business use of the vehicle.
How do I calculate the business use percentage?
You can calculate it by tracking the miles driven for business versus total miles driven during the lease period.
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