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In 2018 I paid $88.91 every month as a part of my car lease payments. Basically I have my monthly leased car payment broken down into two parts: 'Base payment' and 'Tax payment' (as I see it in the online banking system). Tax payment is $88.91, every month.
Can I deduct these tax payments? I live in WA and I am going with federal itemized deductions (as suggested by TurboTax).
Lease inception was at the end of 2016. This question is not about tax deduction at lease signing.
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You may only deduct your vehicle lease payments if you are self-employed. Due to Tax Reform, Employee Business Expenses once reported as Miscellaneous Itemized Deductions have been suspended for the tax years 2018 through 2025.
You may only deduct your vehicle lease payments if you are self-employed. Due to Tax Reform, Employee Business Expenses once reported as Miscellaneous Itemized Deductions have been suspended for the tax years 2018 through 2025.
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