After the 6000 in lease down payment, is the monthly cost of the vehicle lease across three years also tax deductible?
Answered by Melissa Pedigo, CPA ·
Yes, you can deduct your lease payments so long as you use your car for business. Only the portion of the car used for business will be deductible. For example, if you drive your car a total of 15,000 miles in a year and 5,000 of those miles are for business, then you've used your car 1/3 of the time for business. Therefore, you'll be able to deduct 1/3 of the lease payments.