How to change my cars status from standard deduction to itemized?

[Crgroadrebel88]

Hey there,

My 3 year lease is about to end in February for my two cars, my question is how do i do an itemized car expenses instead of the standard mile deduction for the new cars starting in 2022. 

what specific steps do i need to do to change the status of both my cars, so i can deduct more money off my income related to all car expenses?

thanks,

[KochuK]

Hi Crgroadrebel88, 

For the new auto lease starting 2022, you will "add new vehicles" in the Vehicle Expenses data entries. You can select Actual Expense Method.

Costs included in actual expenses :  licenses, gas, oil, tolls, lease payments, insurance, garage rent, parking fees, registration fees, repairs, tires, interest on loan (self employed only.)

Please be aware if the actual expense method is chosen for the first year the vehicle is used for business, the actual expense method must be used for all subsequent years.

FYI, Business Use of Vehicles

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

Please call TurboTax for navigation assistance when the new tax year 2021 software is available by end of December 2020.

Thank you.