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Deductions & credits
No business use. The Blue Book value of the auto is nearly 8K higher than the residual, and my son needed a vehicle, so it appeared to be a win/win. I do want to check with the DMV as I need clarification regarding the sales tax. Concern is that I would pay a sales tax when I bought the car from the lessor and then my son would have to pay a sales tax when he purchased it from me.
‎January 2, 2024
11:44 AM