Taxes Q & A- If you lease a vehicle, can you

If you lease a vehicle, can you deduct the cost of the lease payments plus the standard mileage rate?

No, if you lease a car you use in business, you may use either the standard mileage rate or claim actual expenses, which would include lease payments. You cannot use both the standard mileage rate and the lease payments.

References:

Publication 463, Travel, Entertainment, Gift, and Car Expenses

Tax Topic 510, Business Use of Car

Source: www.irs.gov

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