Hatrack River Forum: Lease Payments Lower Taxes??

This is topic Lease Payments Lower Taxes?? in forum Books, Films, Food and Culture at Hatrack River Forum.

To visit this topic, use this URL:
http://www.hatrack.com/ubb/main/ultimatebb.php?ubb=get_topic;f=2;t=037450

Posted by Katarain (Member # 6659) on :

I've heard a rumor that if you have a leased car, you can deduct the payments from your taxes. I've had a leased car for the last 4 years (1 left), and I have never taken advantage of that tax break--because I didn't know about it.

Does anybody know how that works? I'm considering going back and seeing if I can get any additional refund for those years. We could really use some extra money for a surgery coming up.

Oh, and I hate leases. They suck. I still am bewildered that I even have one. So if there's a small silver lining on this nightmarish cloud of having a leased car, I'd like to take advantage of it.

Help or links would be appreciated. [Smile]

Thanks! (I'll be doing some google searches as I can, but last time I looked this up, I didn't have much luck.)

-Katarain

Posted by Belle (Member # 2314) on :

If it's a personal lease, then I think the answer is no. You can only deduct lease payments if the car is for business use, if I'm not mistaken.

Now, not being an accountant, I can't vouch for the complete accuracy of my statements.

Posted by Katarain (Member # 6659) on :

That's what I seem to be seeing with my searches, too. This definitely was a personal use car. I'm sure driving to work doesn't count. [Smile]

I wonder why whoever told me about this didn't know about the business thing. I think there's misinformation out there.

Thanks, though. [Smile]

Posted by Katarain (Member # 6659) on :

Another site, though, leads me to believe that you can get something like 20% back even for personal use. I wonder if that would work for me.

Posted by Katarain (Member # 6659) on :

Then again.. maybe not.

oh well.

Posted by bunbun (Member # 6814) on :

Do you have access to a CPA or a tax attorney?

Posted by rivka (Member # 4859) on :

Try emailing Boon. She'll know. [Smile]

Posted by Boon (Member # 4646) on :

All or part of it is deductible ONLY if you use it for business, even if you're not self-employed.

[Kiss]

rivka

Sorry, Katarain. [Frown]