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Deductions & credits
Correct @Carl. Vehicle never used in business, only personal use.
Looking at the original paperwork and jargon, it appears the agreement was a "Closed-End Motor Vehicle Lease Agreement" (CA), with a purchase option at the end of lease term.
It appears then, my lease payments should not be included in the cost basis, and I will have to owe ~$1760 in capital gains tax. That's unfortunate.
Regardless, thank you for the clarification.
‎July 17, 2021
3:51 PM