Regarding normal vehicle lease expenses, you cannot deduct lease costs and the standard mileage rate, which was 57.5 cents per mile for 2020. See: IRS: If I lease a vehicle, can I deduct the cost of the lease payments plus the standard mileage rat...
@Skip8
For TurboTax CD/Download, follow these steps:
- Go to the BUSINESS tab
- Click Continue and I'll choose what I work on.
- Click Update next to Profit or Loss from Business under Business Income and Expenses.
- At Here's the business info we have so far, click Edit.
- At Your business, scroll down and under Business Expenses, select Business Vehicle Expense and Start/Update.
- Answer Yes to Did you use a car or truck for your business?
- Proceed through the interview to enter your vehicle information and mileage information.
- Once you get to the "You've got a standard mileage deduction…" screen, click Yes, I'd like to see if my actual expenses give me a bigger deduction. to enter your actual expenses and Continue.
- Continue through the interview until you get to the "Enter the lease expenses" page and enter your vehicle lease expenses.
- You will need to know the fair market value of your vehicle on the first day of the lease term and you will need to enter the total amount spend on vehicle lease payments and any temporary vehicle rentals.
- Proceed through the rest of the interview to complete your vehicle expenses.
For more information, click this link about lease inclusion amounts.
@domcar
