In 2017 I had mostly car lease payments, but then I bought that car in Aug. How do I expense this lease AND purchase when all the questions are either/or?

[ddietrich]

I leased a new Prius 1/1/15 from Toyota and then bought it last year and am making loan payments to Toyota as of 10/2017. I co-signed the lease originally with my business, Valley Cat Music, and the lease was in the name Valley Cat Music. The purchase is under my name, bu there was no down payment, just a change in monthly payment from 270 to 305.

[TaxGuyBill]

Enter it as two separate vehicles.

[ddietrich]

So then I will be saying that I bought a used car last year?

[TaxGuyBill]

Yes.