planet4ever said:
LeafInColorado said:
I know I have to subtract the residual, but I can't figure out whether or not to subtract out the federal rebate.
The federal "rebate" is not a rebate, but a tax credit. It has nothing to do with the cost basis of the car, only with how much income tax you owe for the year.
I believe LeafInColorado is referring to the language of the 2/12 revision of CO DOR FYI Income #67 which reads:
"The available credit is calculated by subtracting the value of the vehicle when the lease expires from the cost of the vehicle to the lessor at the time of the lease transaction (capitalized cost), and dividing that amount by the cost of the vehicle to the lessor at the time of the lease transaction."