QUESTION
What are the taxable items on vehicle lease?
Asked on Jul 25th, 2013 on Taxation - Missouri
More details to this question:
I have all of the tax rates already (state,county, and city), but need to know exactly which items are taxable on the 'lease/sale'? For example, are Processing/Document Fees taxable? Are Security Deposits taxable? Cash Down? Acquisition Fees? Also, are there any Taxable Credits, such as Lease Residual or Taxable Rebates?
1 ANSWER
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You can deduct taxes. You can't deduct security deposit, because you will get that back. If you lease the car for business purposes, you can deduct the ordinary and necessary expenses incurred for that vehicle.
Answered on Aug 05th, 2013 at 11:48 AM