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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Hello - so I leased a car in my personal name- 200 dollars

This answer was rated:

Hello - so I leased a car in my personal name- 200 dollars a month - I want to use it exclusively for my Dog Walking business - so I want to deduct the lease from the income of the business.

King Pet Care (dog walking business) is an llc owned by me 90% and 10% by my partner.

We could not lease the car in business name since it is a startup. Will I still be able to deduct the lease payments?

MyVirtualCPA :

Thanks for your question, and thanks for using JustAnswer.com

MyVirtualCPA :

Yes, you will be able to deduct the lease payments, but only to the extent that the car is used for business purposes

MyVirtualCPA :

Also, if you deduct lease payments you will not be able to deduct mileage

MyVirtualCPA :

Sometimes, mileage will yield a larger tax deduction

Customer:

ok thank you, XXXXX XXXXX what I thought, I just wanted to get a confirmation from a tax expert. Thanks I'll rate you as excelllent!

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