How do I figure out the fair market value on a leased vehicle I use for my business?

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The fair market value of a leased vehicle is basically the same as its sales value. Quite often, the lease documents will report the fair market value or sales value, which you could use with a good degree of confidence.

If I took out a loan for a business vehicle last year, should I enter the vehicle under long term assets and what does beginning of year and end of year mean?

in Business & farm

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How do I figure out the fair market value on a leased vehicle I use for my business?

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