I own a small business that leases equipment. how do I write off my lease payments?

Forum|Forum|7 years ago
June 1, 2019
1 reply
0 views

I own a small business and lease my equipment. Where do I need to be looking to write off my lease payments on my taxes?

TurboTax Live Self-Employed Online

Anonymous

Under Business Income & Expenses, after the questions about vehicles, you will find a screen that says, "Let's write off some business expenses." Scroll down to Rental Expenses and click the Start button. Enter a description and annual lease payment/ rent amount. Do not feel compelled to enter each leased item. Similar items on a single lease contract can be reported together. Just be sure you keep documentation to support each line item.

Ronoliver

Level 2

Must be a different version of Turbo Tax than what I am using. I cannot find this section at all. The only section that involves 'rent' is a section that asks what the amount paid on rent for the building... I guess I will jam the amount in 'other costs' and wait for the fall out?

Carl

Level 11

There's a box for "rents" in the business expenses section. I use the cd version, and there is no section for "building" rent. It's just for rents paid, and it doesn't matter what you paid the rent for. That's where you enter it.

Do note that some confuse that with a long term vehicle lease. (emphasis on "long term" like when you acquire a vehicle from a dealer for a 2 or 3 year lease.) Long term vehicle leases "are" dealt with in the business vehicle section. Rent you pay for "equipment" is reported in the business expenses section.