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If lease payments are being taken as a tax deduction can the…

If lease payments are being...
If lease payments are being taken as a tax deduction can the mileage method be used to account for other expenses? Or are you required to use actual expenses?
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Answered in 1 minute by:
11/14/2017
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,221
Experience: 15years with H & R Block. Divisional leader, Instructor
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If you lease a car you use in business, you may not deduct both lease costs and the standard mileage rate. You may either:

  • Deduct the standard mileage rate for the business miles driven. If you choose this method, you must use the standard mileage rate method for the entire lease period (including renewals).
  • Claim actual expenses, which would include lease payments. If you choose this method, only the business-related portion of the lease payment is deductible.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,221
Experience: 15years with H & R Block. Divisional leader, Instructor
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