Example - Leasing Costs

Eligible leasing costs for passenger vehicles leased after December 31, 2000
Line Leasing agreement information and calculations Amount
1. Total lease charges paid for the vehicle in 2019 $  5,500
2. Total lease payments deducted for the vehicle before 2019 $         0
3. Total number of days the vehicle was leased in 2019 and previous years        334
4. The manufacturer's list price $28,000
5. $35,294 + $5,294 $40,588
6. Enter the amount from line 4 or line 5,
whichever is more: $40,588x 85%
$34,500
7. ($800 + $120) = $920 x $334 = $307,280 ÷ 30 = $10,243 − line 2 $10,243
8. ($30,000 + $4,500) = $34,500 x $5,500 = $189,750,000 ÷ $34,500 $  5,500

Tom would enter $5,500 (the lower of the amounts on line 7 and line 8) on line 11 of Form T777.

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