Skip to main content
February 11, 2021
Question

Where do I enter auto lease payments, gas, etc. I'm listing individual expenses for my business auto?

  • February 11, 2021
  • 1 reply
  • 0 views
WHERE DO I LIST AUTO LEASE EXPENSES

1 reply

RayW7
February 11, 2021

To enter your vehicle lease expenses, please follow the instructions below:

 

Go To:

 

1. Business

2. Business and Income

3. Business Income and Expense

4: Business Vehicle Expense

 

From there add your vehicle and follow the prompts.  When asked answer I lease this vehicle

 

 

You can use the either the standard mileage or actual expenses method for a leased vehicle. However, if you use the standard mileage rate, you cannot switch to the actual expense method in a later year.

    • If you use the standard mileage rate for a leased vehicle, the lease payment amount is not deductible.
    • If you use the actual expenses method, leased vehicles are not depreciated. Instead, the business portion of the lease payment is deducted.

 

May 2, 2021

What if the lease is in your parent's name, but they got the car for you and you make the lease payments?  Can you answer "Yes" to  "I lease the vehicle" so that you can write off the mileage or the lease payments?  After all, you are making the payments.

Carl11_2
Employee
May 3, 2021

If you or your business are legally obligated to pay the vehicle lease, then no problem.