topic We leased a new car this year- I have the registration form in front of me- do I enter the annual fee in my deductions or the grand total I paid to get it plated and everything? in Deductions & credits

We leased a new car this year- I have the registration form in front of me- do I enter the annual fee in my deductions or the grand total I paid to get it plated and everything?

ninacecilia — Fri, 07 Feb 2020 15:21:56 GMT

Re: We leased a new car this year- I have the registration form in front of me- do I enter the an...

DavidS127 — Fri, 07 Feb 2020 16:50:54 GMT

Only a portion of your registration is deductible, not the grand total to get the car plated.

The portion of your registration that is deductible is any annual fee (not one time) that is based on the vehicle's value.

Note also that the fee is only deductible if you itemize deductions. If you are using the standard deduction, entering the registration fee will not lower your taxes.

Refer to this TurboTax article for more details about deducting your car registration.

Re: We leased a new car this year- I have the registration form in front of me- do I enter the an...

DavidS127 — Fri, 07 Feb 2020 16:51:31 GMT

Only a portion of your registration is deductible, not the grand total to get the car plated.

The portion of your registration that is deductible is any annual fee (not one time) that is based on the vehicle's value.

Note also that the fee is only deductible if you itemize deductions. If you are using the standard deduction, entering the registration fee will not lower your taxes.

Refer to this TurboTax article for more details about deducting your car registration.