Back to top

LBCPA News

Click here to go back

WHAT SHOULD I ASK ABOUT THE CAR LEASE?

Posted by Admin Posted on Dec 08 2021

t

Here are a few questions that should be answered before you sign a car lease:

  • What types of leases are obtainable and what are their differences? (Two were explained previously, but dealers may have variations.)
  • What will the initial costs of leasing be?
  • What will the continuing costs of leasing be?
  • Will my initial cost or continuing costs decrease due to a trade-in?
  • Can I exceed the specific mileage in my lease?
  • If I take an early termination or a purchase option, how will my mileage allowance be enforced?
  • If I fall behind in my payments or want to stop leasing, can I sublease?
  • If I want to terminate my lease before the agreement is up, what happens?
  • Do I have options at the end of my lease?
  • What can I expect to pay at the end of the lease?

If you have any questions regarding accounting, domestic taxation, essential business accounting, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please give us a call at 305-274-5811.

Source: Thomson Reuters

The information provided on the LBCPA Blog is a community service for general information purposes only, and should not be used as a substitute for consultation with professional advisors who specialize in the topics covered. Please refer to your advisors for specific advice on these subjects. The information is not intended to be used, and it cannot be used, for the purposes of avoiding U.S. Federal and/or State tax laws or the tax laws of any foreign jurisdiction.

These blogs contain general information only and Lord Breakspeare Callaghan LLC or any of the other companies or firms presenting information are not providing accounting, business, financial, investment, legal, tax, or other professional advice or services. Lord Breakspeare Callaghan LLC or any of the other companies or firms contributing with articles shall not be responsible for any loss sustained by any person who relies on this information.