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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 53721
Experience:  29 years of experience as a tax, real estate, and business attorney.
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i have been told leasing a car can be tax deductible, if used

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i have been told leasing a car can be tax deductible, if used for business. A financial advisor told me to get the title under the business so it s 100% deductible. Can you tell me what ts the right way to do this so i can get the most tax deduction?
Submitted: 5 years ago.
Category: Tax
Expert:  Richard replied 5 years ago.

Good evening. People do this all the time thinking that if this is done through the name of the business it automatically makes it 100% deductible even if not used for business. The issue is what percentage of the car is used for business and what is personal use. If the lease is in the name of the business...and it is used only 60% for business, then the 40% should either be reimbursed by you or deemed income to you.



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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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