posted
I've heard a rumor that if you have a leased car, you can deduct the payments from your taxes. I've had a leased car for the last 4 years (1 left), and I have never taken advantage of that tax break--because I didn't know about it.
Does anybody know how that works? I'm considering going back and seeing if I can get any additional refund for those years. We could really use some extra money for a surgery coming up.
Oh, and I hate leases. They suck. I still am bewildered that I even have one. So if there's a small silver lining on this nightmarish cloud of having a leased car, I'd like to take advantage of it.
Help or links would be appreciated. Thanks! (I'll be doing some google searches as I can, but last time I looked this up, I didn't have much luck.)
posted
If it's a personal lease, then I think the answer is no. You can only deduct lease payments if the car is for business use, if I'm not mistaken.
Now, not being an accountant, I can't vouch for the complete accuracy of my statements.
Posts: 14428 | Registered: Aug 2001
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posted
Another site, though, leads me to believe that you can get something like 20% back even for personal use. I wonder if that would work for me.
Posts: 2880 | Registered: Jun 2004
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Thanks! (I'll be doing some google searches as I can, but last time I looked this up, I didn't have much luck.)
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rivka![[Frown]](frown.gif)
