Article Date:
September 2008


Word Count:
312

 

 

Deductions When You Turn In Your Leased Vehicle


You might incur an excess mileage charge or an early termination fee when you turn in your leased vehicle. To the extent of your business use, the excess mileage charge and the early termination fees are deductible.

 

Excess Mileage Charges

 

A vehicle lease generally includes charges for excess wear and tear and mileage in excess of the mileage agreed to in the lease. Generally, the lower the mileage agreed to by the lessee, the lower the monthly lease payments. Should the lessee ... Log in to view full article.

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