We leased a new car this year- I have the registra...
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ninacecilia
New Member

We leased a new car this year- I have the registration form in front of me- do I enter the annual fee in my deductions or the grand total I paid to get it plated and everything?

 
2 Replies
DavidS127
Expert Alumni

We leased a new car this year- I have the registration form in front of me- do I enter the annual fee in my deductions or the grand total I paid to get it plated and everything?

Only a portion of your registration is deductible, not the grand total to get the car plated.

 

The portion of your registration that is deductible is any annual fee (not one time) that is based on the vehicle's value.

 

Note also that the fee is only deductible if you itemize deductions.  If you are using the standard deduction, entering the registration fee will not lower your taxes.

 

Refer to this TurboTax article for more details about deducting your car registration.

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DavidS127
Expert Alumni

We leased a new car this year- I have the registration form in front of me- do I enter the annual fee in my deductions or the grand total I paid to get it plated and everything?

Only a portion of your registration is deductible, not the grand total to get the car plated.

 

The portion of your registration that is deductible is any annual fee (not one time) that is based on the vehicle's value.

 

Note also that the fee is only deductible if you itemize deductions.  If you are using the standard deduction, entering the registration fee will not lower your taxes.

 

Refer to this TurboTax article for more details about deducting your car registration.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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