TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 1

Question

I leased my car for 3 years and secured a loan for the car 8/2021. How do I handle this? I am a realtor

Forum|Forum|3 years ago
October 10, 2022
2 replies
9 views

I am filing my 2021 taxes.

TurboTax Live Self Employed

Level 15

How have you been handling this (prior to purchasing the car)?

Level 15

Buy or lease?

You can use the either the standard mileage or actual expenses method for a leased vehicle. However, if you use the standard mileage rate, you cannot switch to the actual expense method in a later year.

- If you use the standard mileage rate for a leased vehicle, the lease payment amount is not deductible.
- If you use the actual expenses method, leased vehicles are not depreciated. Instead, the business portion of the lease payment is deducted.

https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zzzh