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Level 1
posted Mar 19, 2020 9:16:44 PM

Entering FMV for lease on SE return. Do I take the value plus monthly payments and put it in vehicle lease expenses. ie $30,000 + $3300 = $33,000 vehicle lease expenses?

0 4 500
4 Replies
Expert Alumni
Mar 20, 2020 10:36:33 AM

Vehicle lease expenses are just the amount of the lease payments.

 

Fair Market value is the Fair Market Value of the vehicle on the first day of the lease term.

Level 1
Mar 21, 2020 4:15:20 PM

Thank you. But I’m still confused. The question says “we need to know the FMV and we also need to know the lease payments” I acquired the lease in 2019 tax year. If I add the value of vehicle and payments, it has a much different outcome than just payments. I need to know if I add the fmv and lease payments or just lease payments. The word ALSO is what is throwing me. 

Level 15
Mar 21, 2020 4:19:49 PM

It should be asking for two separate things.  Total lease payments as one entry, and FMV for another entry.  DON'T add them together for any reason.

Level 1
Mar 21, 2020 4:47:54 PM

Thank you! The software poses these two questions in one paragraph with a single input field so I was getting confused. There isn’t a field to enter FMV.