Hi,
I leased my 2019 chevy (msrp of $45k) for approximately $480/month and bought it out-right in 2022, as the lease ended. I sold it for $3k more than the end of lease buy out price.
During the lease term I spent $1k in repairs and after the buy out I spent $2k in repairs.
I did not use it for business.
How do I handle for tax purposes?
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You don't. These vehicle expenses are only available if the car was used for business.
Thank you, and how do I handle the sale for tax purposes. Again this is for personal use.
Please advise where to enter as well.
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