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Discussion Forum Index --> Tax Questions --> Purchase Leased Auto
Karigoode (talk|edits) said:
| 12 May 2008
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| A taxpayer has been deducting lease payments for his 100% business use truck >6,000 lbs for the last 3 tax years. In 2007 he decides to buy the truck. Can he depreciate the truck at the value he purchased it for in 2007 or must he deduct the amount he has already taken in lease payments over the prior three years?
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Marcilio (talk|edits) said:
| 13 May 2008
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| Pub 463. You have to reduce basis by an allocation for depreciation. The calculation depends on whether actual expenses were taken, or standard mileage rate was used. From your post, I assume actual expenses.
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Karigoode (talk|edits) said:
| 13 May 2008
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| Thank you. I had previously researched Pub 463 for this information and could not find it. All I really find it info on the inclusion amounts. Forgive me, but can you tell me where you found this in 463? I am probably overlooking..........
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