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05/24/2012 at 04:51PM PDT
Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.
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broncocpa
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broncocpa
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08/13/10 10:32am PDT
Viewed by asker 08/16/10 10:10am PDT

Auto Lease Payments

ProSeries

 

Are down payments for an auto lease considered "'advance payments" and have to be deducted over the life of the lease?  Do you need to consider an inclusion amount for a lease on a corporate tax return?  See page 24 of IRS Pub 463.

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ChuckCPA
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ChuckCPA
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08/13/10 11:04am PDT
The solution

Yes and yes.

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08/13/10 11:07am PDT

Chuck - Can you shorten your answer a little next time?  I was starting to doze off in the middle of it.

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08/13/10 11:10am PDT

Y&Y?

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08/13/10 11:13am PDT

Thanks.  Much better.

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08/13/10 11:13am PDT

Since Leases are amortized ( Like capital leases) then the subsequent expenditures are capitalized and amortized too. Agree with ChuckCPA   

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08/13/10 11:50am PDT
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For the lease inclusion we reduced the total amount of the lease payments for the year and show this amount are as a nondeductible expense on M-1.

 

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