Inclusion amount on leased vehicle?

[Matt Dettman]

What is the "inclusion amount" on a leased vehicle? I lease a vehicle and
use it sometimes for business. I was told in order to write it off, I have
to be aware of the inclusion amount. I am unsure what that is.

Thanks in advance
Matt

[BrianFrmTx]

In article <DETTMMA.18...@wkuvx1.bitnet>, DET...@wkuvx1.bitnet
(Matt Dettman) writes:

Lease payments are fully deductible (unlike depreciation of a purchased
auto). However, the lessee of the vehicle must include an amount in
income. This amount is based upon tables provided by the IRS and the
inclusion amount varies based upon the value of the car. Order IRS
Publication 917 "Business Use of Your Car" for the tables.
While the inclusion amounts look small compared to the depreciation limits
on a purchased auto, you should remember that the depreciation deductions
that are limited on purchased autos are available as a loss on the sale of
the auto, while the lease inclusion amounts are permanent differences --
they do not add to basis or ever provide any other future tax benefit.

[GARY PEASE]

In article <36sgbk$o...@newsbf01.news.aol.com>, brian...@aol.com (BrianFrmTx) writes...

I'm in the same boat. I was under the impression that I can write off all
the expenses of my leased vehicle based on the percentage of time used for
business/personal. But then someone said business use had to be more than 50% of the
time for this to apply. Is this true?

Worried in Cleveland