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New Member

Can I deduct a vehicle lease for my business

 
5 Replies
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New Member

Can I deduct a vehicle lease for my business

What type of business entity and is the lease in the business's name or yours?
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New Member

Can I deduct a vehicle lease for my business

SMALL PLUMBLING CO  LEASE TRUCK WHAT IS DEDUCTABLE
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Alumni
Alumni

Can I deduct a vehicle lease for my business

You can claim deductible business auto/truck expenses in one of two ways.

  • IRS Mileage Rate:  You can claim business miles times the IRS mileage rate. IRS mileage rates for business activities are $0.56/mile in 2014 and $.575/mile in 2015. You can add parking and tolls to the mileage rate.
  • Actual Cost: You can claim your actual costs including depreciation (or, for a lease, lease payments) times the percentage that you use your car for business. Actual costs would include gas, oil, insurance, repairs, etc. Payments on a note would not be deductible. The cost of the vehicle would be deducted through depreciation instead (or lease deducting lease payments if you lease it.)


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New Member

Can I deduct a vehicle lease for my business

More than a comment, a further question: does the IRS mileage rate, $.575/mile for 2015, suppose to include depreciation?
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Alumni
Alumni

Can I deduct a vehicle lease for my business

Yes - it includes all costs except parking and tolls and, if you are a business, allocable interest on the car loan.