How to File IRS Form 4797 for the Sale of Business Use Vehicles
Businesses that sell their vehicles must generally report the gain or loss of the sale on Form 4797. This example looks at an S corporation that sold a business vehicle in 2022.
Business Vehicle Lease Payments – How Much is Deductible?
In general, if a business leases a vehicle for business reasons, the business can deduct the cost of the lease payments and the insurance. In many cases, the business must record adjustments for an owner's personal use the vehicle.