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Chrissy1
New Member

Can I deduct the entire cost of leasing a vehicle I use for my business where I am self-employed?

 
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LinaJ2018
Intuit Alumni

Can I deduct the entire cost of leasing a vehicle I use for my business where I am self-employed?

Yes, you can.  You can deduct the lease payments from your taxes as a business deduction. However, you need to be careful and keep track of all the miles you spend in the car and whether the miles traveled are for business or personal reasons. For example: if you spend 60 percent of the miles traveled in the car on business, and 40 percent for personal use, you can only deduct 60 percent of the lease payments from your taxes as a business expense.

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