topic I own a small business that leases equipment. how do I write off my lease payments? in Business & farm

I own a small business that leases equipment. how do I write off my lease payments?

joe7 — Sat, 01 Jun 2019 15:08:03 GMT

I own a small business and lease my equipment. Where do I need to be looking to write off my lease payments on my taxes?

Under Business Income & Expenses, after the questions abo...

MichaelMc — Sat, 01 Jun 2019 15:08:04 GMT

Under Business Income & Expenses, after the questions about vehicles, you will find a screen that says, "Let's write off some business expenses." Scroll down to Rental Expenses and click the Start button. Enter a description and annual lease payment/ rent amount. Do not feel compelled to enter each leased item. Similar items on a single lease contract can be reported together. Just be sure you keep documentation to support each line item.

Re: Under Business Income & Expenses, after the questions abo...

Ronoliver — Fri, 29 Apr 2022 16:07:25 GMT

Must be a different version of Turbo Tax than what I am using. I cannot find this section at all. The only section that involves 'rent' is a section that asks what the amount paid on rent for the building... I guess I will jam the amount in 'other costs' and wait for the fall out?

Re: Under Business Income & Expenses, after the questions abo...

Carl — Fri, 29 Apr 2022 22:57:24 GMT

There's a box for "rents" in the business expenses section. I use the cd version, and there is no section for "building" rent. It's just for rents paid, and it doesn't matter what you paid the rent for. That's where you enter it.

Do note that some confuse that with a long term vehicle lease. (emphasis on "long term" like when you acquire a vehicle from a dealer for a 2 or 3 year lease.) Long term vehicle leases "are" dealt with in the business vehicle section. Rent you pay for "equipment" is reported in the business expenses section.

Re: Under Business Income & Expenses, after the questions abo...

Critter-3 — Sat, 30 Apr 2022 13:34:19 GMT

First you are posting from the LIVE help program so reach out for the help you are paying for :

FAQ: What is TurboTax Live?

https://ttlc.intuit.com/community/choosing-a-product/help/what-is-turbotax-live/01/27191

FAQ: How to connect with a live tax expert
https://ttlc.intuit.com/community/expert-review/help/how-do-i-connect-with-a-tax-expert-in-turbotax-...

Next ... look at the Sch C to see the form you are filling in ... note line 20 :

Next look in the program ... probably hiding under less common expenses (note there are more than one page to choose from) :