conditionalPersonal expenses
Personal vehicle expenses
Lease, fuel, insurance and depreciation on vehicles used primarily for personal purposes.
Rule
Allowable when the vehicle is not required for operations and the personal use is documented. If the vehicle is operationally necessary, only the personal-use share is defensible.
Evidence lenders expect
- Lease or loan agreement
- Mileage log or written statement of use
- Depreciation schedule (Form 4562)
Worked example
As reported
Auto expense $18,400
In the memo
Personal share 70% · add-back $12,880
The objection you will hear
No mileage log and a vehicle that appears in the delivery fleet.
Package your next loan in 15 minutes instead of 3 weeks.
Upload a set of sample tax returns and generate a complete, lender-ready credit memo on your first day.