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rhianna787
New Member

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?

 
7 Replies
Critter
Level 15

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?

" 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. 

amcniece
New Member

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?

so do I enter one months lease payment or 24 months lease payments
Critter
Level 15

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?

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

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?

also if I deduct my miles used can I do the itemized deductions or do I have to do one or the other
Critter
Level 15

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?

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.
amcniece
New Member

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?

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
Critter
Level 15

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?

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.
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