683170
You'll need to sign in or create an account to connect with an expert.
Unfortunately no. Even though this lease was ended due to medical reasons, the IRS will still consider any fees related to ending a lease of a personal use vehicle as a nondeductible expense.
However, if this is a business vehicle lease and you are self-employed, then you could claim a miscellaneous business expense on your Schedule C related to these end-of-lease fees.
Unfortunately no. Even though this lease was ended due to medical reasons, the IRS will still consider any fees related to ending a lease of a personal use vehicle as a nondeductible expense.
However, if this is a business vehicle lease and you are self-employed, then you could claim a miscellaneous business expense on your Schedule C related to these end-of-lease fees.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
sam992116
Level 4
Wisco920
New Member
rweddy
Returning Member
latriciaaldermanboone9
New Member
tae111
Level 2