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:
May 2006


Word Count:
493

 

 

Trade-In of Car on Lease


On April 10, 2004, I bought a car for $18,980. In 2004, I drove the car 21,000 business miles and 3,000 personal miles. I deducted the car expenses using IRS mileage rates. In early January 2005, I traded this car on a lease, got a check for $3,200, and a credit toward the lease of $4,000. (Thus, the dealer gave me $7,200 for the car.) Do I have some tax issues here? (B.B., Winfield, IL

 

Yes. First ... Log in to view full article.

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

 
Password

Log In Send me my password

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