Utah Giving Out Cars To Everybody

[MAIZEandBLUE09]

I swear the football program in Salt Lake City craves attention more than the football program in Boulder does.

I get so sick and tired if hearing about Utah. pfft

They're in a G5 equivalent conference again, so they'll be irrelevant.

 

[Wild Turkey]

I spent some time on google,

The IRS prescribes rules for using the “annual lease value” of a car to determine taxable amount. Basically, the “annual lease value” is 25% of the car’s fair market value when you got it, plus $500. So a $50,000 car would have an “annual lease value” of $13,000, and you’d be taxable on that amount each year (or $1083/month for a partial year).

The lease dollar amount that a typical person would pay actually doesn't play into it at all.

Ok fine but they are paying income there is no work around.

I still don’t think your numbers are 100% because if the lease was for 3 years that would be 33.33% plus they have built in return value so why would you be taxed on value you won’t realize. Even if you purchase at the end bd of the lease that isn’t income and it’s not deductible.

Something is funny with what you posted but I don’t have time to dig in.

 

[MAIZEandBLUE09]

Ok fine but they are paying income there is no work around.

I still don’t think your numbers are 100% because if the lease was for 3 years that would be 33.33% plus they have built in return value so why would you be taxed on value you won’t realize. Even if you purchase at the end bd of the lease that isn’t income and it’s not deductible.

Something is funny with what you posted but I don’t have time to dig in.

I copied it from an online post of someone claiming to be a tax lawyer. For what it’s worth. Could be a janitor for all I know.