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Taxfree
Mar 27, 2007, 07:03 AM
I had to turn in a leased auto after one year of a 3 yr lease because of a job relocation to another part of the country and I had to pay a $10,000 penalty. Can I take this as a deduction somewhere in my Federal Tax Return?
delite
Mar 27, 2007, 08:54 AM
I had to turn in a leased auto after one year of a 3 yr lease because of a job relocation to another part of the country and I had to pay a $10,000 penalty. Can I take this as a deduction somewhere in my Federal Tax Return?
From your description the lease is for your personal auto. As such, the loss is not deductible.
AtlantaTaxExpert
Apr 2, 2007, 11:17 AM
Delite is correct; it is NOT deductible.