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gonzales
New Member

How do I report a vehicle partly used for business while I leased it from 2015-2018 and then purchased in 2018 when it was only driven for personal use?

 
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1 Reply
JulieR
Expert Alumni

How do I report a vehicle partly used for business while I leased it from 2015-2018 and then purchased in 2018 when it was only driven for personal use?

To enter your vehicle lease expenses for 2018, up until you converted the lease to a purchase, please follow the instructions below: (The instructions assume you did not use the vehicle at all for business after the lease converted to a purchase. If this is not the case, please comment)

  • Go to the Federal Taxes tab
  • Click Edit next to Self-employment income and expenses
  • Click Edit next to your company name
  • On the next screen, scroll down to the Expenses section and click Add Expenses for this work
  • On the "Tell us about any expenses for your business" page, scroll down and select Vehicle and then Continue.
  • Answer Yes to Did you use a car or truck for your business?
  • Proceed through the interview to enter your vehicle information. Be sure to check I stopped using this vehicle in 2018 
  • Once you get to the "You've got a standard mileage deduction…" screen, click Yes to enter your actual expenses.
  • Continue through the interview until you get to the "Enter the lease expenses" page and enter your vehicle lease expenses.
  • Proceed through the rest of the interview to complete your vehicle expenses.
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