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Due to a medical condition we had to end a contract on a leased car. Can the fee to end the lease be deducted?
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June 6, 2019
4:28 AM
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Deductions & credits
Unfortunately no. Even though this lease was ended due to medical reasons, the IRS will still consider any fees related to ending a lease of a personal use vehicle as a nondeductible expense.
However, if this is a business vehicle lease and you are self-employed, then you could claim a miscellaneous business expense on your Schedule C related to these end-of-lease fees.
June 6, 2019
4:28 AM