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Level 2
January 26, 2023
Question

Business Taxes

  • January 26, 2023
  • 2 replies
  • 10 views

Hi, 

 

If I leased a car what would be the cost (the amount I paid for this asset)? Would it be the total lease payments (amount I will have paid by the end of lease) or would it be the gross capitalized cost of the car?

2 replies

Mike9241
Level 15
Level 15
January 26, 2023

why are you asking?  certain financing leases can be capital leases for tax purposes. 

Mike9241
Level 2
January 26, 2023

I am trying to enter the asset and it wants to know the cost I paid for it.