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In 2010, if a car or truck with a fair market value in excess of $18,500 is leased, you must add back an additional amount (i.e., subtract it from your otherwise deductible amount) to offset a portion of the lease payments. This rule was enacted to prevent individuals from avoiding the luxury car depreciation limits that apply to purchased vehicles. The amounts that must be added into your income are called "inclusion amounts" and are taken from a price-based table issued annually by the IRS.
inclusion amount tables for trucks leased in 2010
inclusion amount tables for cars leased in 2010
inclusion amount tables for trucks leased in 2009
inclusion amount tables for cars leased in 2009
inclusion amount tables for trucks leased in 2008
inclusion amount tables for cars leased in 2008
inclusion amount tables for trucks leased in 2007
inclusion amount tables for cars leased in 2007
inclusion amount tables for trucks leased in 2006
inclusion amount tables for cars leased in 2006
inclusion amount tables for trucks leased in 2005
inclusion amount tables for cars leased in 2005
inclusion amount tables for trucks leased in 2004
inclusion amount tables for cars leased in 2004
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Other files are in rich text format (RTF) that is suitable for use with most word processing programs used in the Windows environment.
For more information, see our discussion of deducting vehicle lease payments.
After you finish your federal tax return, your information will accurately and automatically transfer into your state return. Just answer a few state specific questions, and you're done.
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