Example – Leasing Costs
| Line | Leasing agreement information and calculations | Amount |
|---|---|---|
| 1. | Total lease charges paid for the vehicle in 2022 | $ 5,500 |
| 2. | Total lease payments deducted for the vehicle before 2022 | $ 0 |
| 3. | Total number of days the vehicle was leased in 2022 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: $40,588 x 85% |
$34,500 |
| 7. | ($900 + $135) = $1,035 x 334 = $345,690 ÷ 30 = $11,523 − line 2 | $11,523 |
| 8. | ($34,000 + $5,100) = $39,100 x $5,500 = $215,050,000 ÷ $34,500 | $ 6,233 |
Tom would enter $6,233 (the lower of the amounts on line 7 and line 8) on line 11 of Form T777.
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