You'll need to sign in or create an account to connect with an expert.
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".
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Raph
Community Manager
Tamlyn74
New Member
frankdigiu
Level 1
Fuzzy Red Baron
Returning Member
malvinchip
Level 1
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.