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Can I deduct my lease car payments from my taxes if I use my car for work issues but don’t own the business?
Question by verdadsanaa: Can I deduct my lease car payments from my taxes if I use my car for work issues but don’t own the business?
I work at an event marketing agency and have to travel to client meetings and do errands for the client in my car all the time. So because I’m using my car for work related purposes, can I deduct my lease car payment from my taxes?
Best answer:
Answer by tsbr1963
no, but you can deduct a flat amount per mile….
Add your own answer in the comments!
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4 Users Response In " Can I deduct my lease car payments from my taxes if I use my car for work issues but don’t own the business? "
No, but the government allows for an amount per mile to repay the use of your personal car.
You can also deduct gas, tolls, parking and any other expense as a result of your work activity.
No but you can deduct either milage or expenses on the car. You should contact your tax preparer as to which option is best for you.
Depends-do you do a Schedule C for this work? In my professional opinion you can-but you can only take the business portion that you use-in other words-you would have to file a 2106-and keep a track of your mileage used for business so that you could allocated the lease pmts appropriately. See Publication 463-page 23.
It appear you could take the mileage, tolls and parking on Form 2106, however, since you do not own the business, it is unreimbursed employee expenses. Therefore, it is subject to the itemized 2% Miscellaneous Deduction limitation on Schedule A. This means you have to itemize your deductions, otherwise you do not get a tax deduction.
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