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I leased a car in 2019 for personal use. Then I started self employment in 2020 (partial year). What FMV do I use for the car for this year's taxes?

 
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Employee Tax Expert

I leased a car in 2019 for personal use. Then I started self employment in 2020 (partial year). What FMV do I use for the car for this year's taxes?

At  this point, I would suggest using internet sources to find out how much the car is selling for. You can also look in the car lots in your area or looking in Auto Trader. Look at a few sources and then use the average value of the sources. You may also reference Kelly Blue Book as a reliable source. 

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Employee Tax Expert

I leased a car in 2019 for personal use. Then I started self employment in 2020 (partial year). What FMV do I use for the car for this year's taxes?

It depends.  Are you claiming mileage or taking actual expenses, which includes the business portion of your lease payment.

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Level 1

I leased a car in 2019 for personal use. Then I started self employment in 2020 (partial year). What FMV do I use for the car for this year's taxes?

I'm claiming the actual expenses (including the business portion of the lease payment). 

Employee Tax Expert

I leased a car in 2019 for personal use. Then I started self employment in 2020 (partial year). What FMV do I use for the car for this year's taxes?

At  this point, I would suggest using internet sources to find out how much the car is selling for. You can also look in the car lots in your area or looking in Auto Trader. Look at a few sources and then use the average value of the sources. You may also reference Kelly Blue Book as a reliable source. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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