If you lease a car, truck,
or van that you use in your business, you can use the standard mileage rate or
actual expenses to figure your deductible expense. If you enter all of the information, Turbo
Tax will calculate and compare both so you get the bigger deduction.
There is also something
called an inclusion amount for leased vehicles, usually it applies to luxury
cars (because the amount for depreciation is limited) Usually with a work truck this does not
apply, but Turbo Tax will determine that based on your entries- that is why you
must enter the “fair market value” of the vehicle when you started using it for
business.
It asks you for the miles
because some people use the business vehicle for personal use as well (once
again, usually a car) so you enter the business miles and personal miles
driven. If you did use the truck 50% for
business, you would only get to deduct half the expenses.
For more information,
please see https://www.irs.gov/publications/p463/ch04.html#en_US_2016_publink100034045
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