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On my Federal Tax Return S-Corp, Can I write off my leased…

On my Federal Tax Return...
On my Federal Tax Return S-Corp, Can I write off my leased vehicle?
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Answered in 6 minutes by:
3/12/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,276
Experience: Adjunct Professor
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Hey! I'm Carter, I'm a CPA and can help you.

Yea, since you need to be deducting actual vehicle expenses, you can deduct your lease payments.

You can only do that if the S Corp leases the car and you can only deduct the business portion.

Let me know if you need anything else. If not, please leave a rating. Thanks!

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Customer reply replied 4 months ago
if I use my vehicle for business 80% of the time I depreciate 80% of the value and expense 80% of the lease payments?

Yes to 80% of the lease payments. No to depreciation. You do not depreciate a leased vehicle.

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,276
Experience: Adjunct Professor
Verified
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