You'll need to sign in or create an account to connect with an expert.
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.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
moe152
New Member
toodeep1
New Member
Steve_Mu
Returning Member
karemgh
Level 1
MedicaidQs
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.