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    Taxfree's Avatar
    Taxfree Posts: 2, Reputation: 1
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    #1

    Mar 27, 2007, 07:03 AM
    Income Tax Deduction for Lease Loss
    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's Avatar
    delite Posts: 202, Reputation: 3
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    #2

    Mar 27, 2007, 08:54 AM
    Quote Originally Posted by Taxfree
    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's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #3

    Apr 2, 2007, 11:17 AM
    Delite is correct; it is NOT deductible.
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