topic For vehicle lease expenses, it's asking for the fair market value of the vehicle/total amount spent on the lease payments. Do I need to total both together? in Deductions & credits

For vehicle lease expenses, it's asking for the fair market value of the vehicle/total amount spent on the lease payments. Do I need to total both together?

rhianna787 — Wed, 05 Jun 2019 18:32:18 GMT

" it's asking for the fair market value of the vehicle/to...

Critter — Wed, 05 Jun 2019 18:32:22 GMT

" it's asking for the fair market value of the vehicle/total amount spent on the lease payments "

You will enter the fair market value if you OWN the car OR the lease payments if you lease it but you do NOT enter both.

so do I enter one months lease payment or 24 months lease...

amcniece — Wed, 05 Jun 2019 18:32:24 GMT

so do I enter one months lease payment or 24 months lease payments

total payments made during the 2017 tax year for the mont...

Critter — Wed, 05 Jun 2019 18:32:25 GMT

total payments made during the 2017 tax year for the months you used it for business.

also if I deduct my miles used can I do the itemized dedu...

amcniece — Wed, 05 Jun 2019 18:32:26 GMT

also if I deduct my miles used can I do the itemized deductions or do I have to do one or the other

You are mixing up terms ... taking the standard mileage r...

Critter — Wed, 05 Jun 2019 18:32:28 GMT

You are mixing up terms ... taking the standard mileage rate on the Sch C as a deduction had nothing to do with taking the standard deduction on the form 1040 instead of the Sch A itemized deduction.

ok it says if I itemize my deductions I have to do it for...

amcniece — Wed, 05 Jun 2019 18:32:29 GMT

ok it says if I itemize my deductions I have to do it for the duration of the lease I can't change to the mileage maybe I am getting confused on this

No... again a term confusion .... for the car ...if you...

Critter — Wed, 05 Jun 2019 18:32:30 GMT

No... again a term confusion .... for the car ...if you take the ACTUAL expenses option instead of the Standard Mileage rate you will need to use ONLY the Actual expenses method for the life of the lease. You will not be able to switch to the standard mileage rate in the future. This still has nothing to do with being able to itemize deductions on the Sch A.