Search Help


Enter one of more keywords to search. Use quotes for “exact phrase.” Note that '*' and '?' wildcards are supported.

When your search results appear, you can refine your search further: Sort for only results in which all search terms appear AND/OR sort by chronological order.

Article Date:
July 2008


Word Count:
1207

 

 

Find Hidden Deductions When You Trade In Your Vehicle on a Lease


Based on discussions with thousands of taxpayers over the past decade, we found that the tax law has been unintentionally hiding deductions from taxpayers who trade in an existing owned vehicle on the lease of a business vehicle. If you are a taxpayer who traded in a car you owned on one you now lease, how would you like to find those hidden deductions?

 

The hiding place for the deductions is the mistaken belief that a trade-in on a lease is a tax-deferred like-kind exchange.1 The reality: the trade-in on a lease is not a trade at all.

 

For tax purposes, the trade-in of a vehicle on a lease is the cash sale of the trade-in for its fair market value. ... Log in to view full article.

Log in to view full article
Already a subscriber?
 
Email Address

 
Password

Log In

You'll be able to read the full article and get instant access to the last few issues of the Tax Reduction Letter

Not yet a subscriber?
 
with a money-back guarantee



 

SS