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by Answerbag Staff on July 7th, 2010

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Is there a tax deduction for lease payments?

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  • by MattM on July 7th, 2010

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    Great Answer

    Professionally Researched. (What's this?)

    The Internal Revenue Service allows tax deductions for business use of automobiles. For leased vehicles, use either the standard mileage rate method or the actual expense method. However, if you use the standard mileage rate method on a leased vehicle, you must use this method for the entire lease period.

    References:

    IRS: Topic 510 Business Use of Car

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