Partnerships - Form 1065
Can a Partnership lease an auto for business purposes?
Yes. A Partnership or a Corporation can lease an auto for business purposes. Leased automobiles are subject to luxury auto limitations. Speak to your local CPA about the limitations and the "lease versus buy" strategies as they pertain to automobiles.
Need Professional Help?
If you need help with "Partnerships - Form 1065" or have other tax questions, we can help you find a local licensed tax preparer for a free, no-obligation consultation.