topic Re: Form 2106 in Deductions & credits

Form 2106

RE3 — Mon, 17 Aug 2020 20:56:53 GMT

I am just filling my 2018 taxes, and I leased a vehicle for the real estate business. I was told I could deduct the lease amount on form 2106. I have information on Schedule "C," but it didn't direct me to enter any information ob Form 2106. Did I di something wrong?

Can anyone help?

Thanks

Charles

Re: Form 2106

VolvoGirl — Mon, 17 Aug 2020 21:02:16 GMT

2106 is to deduct employee job expenses on a W2. If you fill out schedule C for self employment independent contractor income you don't use 2106. And anyway W2 job expenses and 2106 have been suspended for 2018-2025.

See Deductions that have been suspended for 2018-2025

https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-reform

Re: Form 2106

Critter-3 — Tue, 18 Aug 2020 00:38:44 GMT

Look again in the Sch C expenses section for the VEHICLE expenses section if you own the car ... if you only lease it you must enter the business % of the actual expenses in the OTHER expenses section.