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
You'll need to sign in or create an account to connect with an expert.
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
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.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Devwil1017
Level 1
Rio2
New Member
jbrightmt
New Member
khishigt9
New Member
gk2160
Level 2