[ILLUSTRATION OMITTED]
Automobile leases have certain advantages. They require a minimal
investment and are convenient if the customer replaces the car every two
or three years. With a lease, there is no hassle with selling or trading
in the car. Instead, the lease customer simply drops it off at the end
of the lease and arranges another lease for a new one.
Leases are normally worth considering if lease customers do not
intend to drive the car beyond the end of the lease term and want to
minimize their cash outlay. However, lease customers also must be
prepared to maintain the car and stay within the mileage allowance;
otherwise, they will be charged for excess wear and tear and mileage when the car is turned in.
Lease Income Inclusion Rule for Luxury Autos
When a taxpayer leases an auto and uses it in a trade or business,
the business use percentage of the lease expense http://www.panoramio.com/user/sherlynpopelkagolf
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