I have a leased vehicle. when asked the fair market value of my vehicle on the first day of lease, is that the same of as gross cost of car when I first purchased it?

posted

Connect with an expert

1 Best answer

Accepted Solutions

I have a leased vehicle. when asked the fair market value of my vehicle on the first day of lease, is that the same of as gross cost of car when I first purchased it?

Yes, the FMV of your leased car is the gross cost of the car (like the negotiated purchase price if you were buying it) before they do any adjustments and calculate the lease payments, residual value, etc.

View solution in original post

1 Reply

I have a leased vehicle. when asked the fair market value of my vehicle on the first day of lease, is that the same of as gross cost of car when I first purchased it?

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post

Expert does your taxes

Do it yourself

Resources

Support

I have a leased vehicle. when asked the fair market value of my vehicle on the first day of lease, is that the same of as gross cost of car when I first purchased it?

I have a leased vehicle. when asked the fair market value of my vehicle on the first day of lease, is that the same of as gross cost of car when I first purchased it?

I have a leased vehicle. when asked the fair market value of my vehicle on the first day of lease, is that the same of as gross cost of car when I first purchased it?

Unlock tailored help options in your account.

Get more help

Do you have a TurboTax Online account?

I have a leased vehicle. when asked the fair market value of my vehicle on the first day of lease, is that the same of as gross cost of car when I first purchased it?

Do you have an Intuit account?

I have a leased vehicle. when asked the fair market value of my vehicle on the first day of lease, is that the same of as gross cost of car when I first purchased it?

I have a leased vehicle. when asked the fair market value of my vehicle on the first day of lease, is that the same of as gross cost of car when I first purchased it?

Unlock tailored help options in your account.

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert