Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 7, 2019 3:03:10 PM

I don't own my vehicle yet I am buying it. The question is do you own or lease your vehicle? Or I don't own it at all? I do use it for business and plan to enter miles

0 2 2463
2 Replies
New Member
Jun 7, 2019 3:03:12 PM

If you are purchasing your vehicle and making payments towards the purchase, then you can select that you own it.

If you are paying monthly payments for the vehicle and have to return it after a certain amount of time (i.e. a lease), then you would select you "lease" the vehicle.

It sounds as though you will one day "own" the vehicle after you are finished paying for it, so I would select "Own".

Returning Member
Jun 7, 2019 3:03:13 PM

If you are "buying" your vehicle, the title is in your name so you own it for tax purposes.  You aren't leasing it.  The title may be held by whoever your loan is with and may have a lien entered on the title.  When paid in full that lien will be released (satisfied) and you will get actual possession of your title.