Enter your U=Haul lease under Vehicle if this is a long-term lease. TurboTax will ask if you own or lease the vehicle. Choose rent and fill in the rest of the info.
Leasing includes traditional vehicle leases, which usually last for 36 months. In this case, you don’t actually own the vehicle and at the end of the lease, you have the option to turn it in or decide to purchase the vehicle. This is usually done through a dealership and you're responsible for the vehicle’s maintenance.
Only the business portion of expenses are deductible and you must maintain records.
The actual cost method (not the standard mileage rate) must be used to calculate driving deductions and to deduct the cost of the lease payment.
Keep in mind that a higher value leased vehicle may be subject to an inclusion amount, or a reduction in the deduction for the lease cost. See IRS Publication 463, Leasing a Car for more information.
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