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On July 1, 2013, a taxpayer leases a car for 24 months. The terms of the lease require the taxpayer to pay $1000 a month.
On July 1, 2013, a taxpayer leases a car for 24 months. The terms of the lease require the taxpayer to pay $1000 a month. Based on the value of the automobile, the inclusion amounts for years 1 through 3 are $313, $590, and $602, respectively. If the taxpayer uses the car 60% of the time for business, what amount should be deducted as lease expense on Schedule C in 2013? 1) $3,412 2) $3,505 3) $5,843 4) $3, 287 5) $5,687
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