Question

$2200 WEAR AND TEAR FEE ON LEASED BUSINESS CAR

Forum|Forum|4 years ago
October 27, 2021
1 reply
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I have a leased business car that has a "wear and tear" fee of $2200 when I return it! Is there any tax deduction on this fee? Anywhere this fee fits into my taxes in my favor?

J

JandKit

Hi Jobejobie!

To the extent of your business use, the excess mileage charge and the early termination fees are deductible. A vehicle lease generally includes charges for excess wear and tear and mileage in excess of the mileage agreed to in the lease.

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J

jobejobieAuthor

Mahalo! the car was hit while parked and after the inspection before returning, this is said to be the amount I owe. the milage is low since the car is 100% for business. does that make a difference?