Leased car for personal use. How to fill the Major purchase section?

[jaycha2]

Leased a car in 2017. Under major purchase how do I include the "Cost Excluding tax", and "Sales tax paid"? Is the cost excluding taxes is my monthly payment without the tax (for the period of 6 months)? Similarly sales tax is what was paid in 2017 (for the 6 months)? Thanks

[CathiM]

A leased car is not a purchase. You don't enter it into your tax return as an asset. Since you don't own it, you cannot depreciate it. There is a place in the Vehicle Section under Business Expenses to enter your leased vehicle. It is usually a very good tax deduction because the lease payments are deductible. You can also deduct your gas, tires, repairs and other actual expenses in addition to the lease payments.  Any "down payment" is usually prepaid lease payments, unless the deposit is held to be returned to you at the end. You can't use both the mileage deduction and the lease payments.