No photo
Posted over 4 years ago.

Thank you, I have downloaded the form. One question, under vehicles, I currently have 2 car payments, the current market value less the payments puts them both in the negative. Do I enter the negative value there or do i just enter zero, like I would if they were leased? Thank you.

Clifford Scott Omo
Clifford Scott Omo, Tax Lawyer - Waco, TX
Posted over 4 years ago.

The IRS doesn't allow negative numbers on the form so they will just show as zero value. On the income/expense side of the calculation, however, you may be able to list both payments under vehicle ownership costs. Also be sure to check out the IRS standards for expenses. Often times, the IRS will only allow so much for your monthly expenses.