It depends, if you are using your vehicle for business use, you can deduct the costs related to the use of your vehicle. The IRS gives you two options for claiming your vehicle expenses. The two options are:
Actual expenses- they include gasoline, maintenance, repairs, tires, insurance, registration fees, licenses, depreciation, or lease payments. You can only claim a portion of the expenses that are business-related.
Standard mileage rate- To use the standard mileage rate, you must own or lease the car. If you lease a car, you must use the standard mileage rate method for the entire lease period (including renewals) if you choose the standard mileage rate for your first year. The standard mileage rate for business use of vehicles in 2024 is 67 cents/mile. If you use the standard mileage rate, you can also deduct interest on an auto loan, registration and property taxes, fees, and parking and tolls as long as they are business related.
As you enter the information in TurboTax the program will help you decide which method is more advantageous for you. See the following TurboTax help articles for more information:
