Can I change from Standard to Actual in 2nd year of Lease?
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I have a lease vehicle which I use more than 50% for bus., it was first acquired July 07 and used standard rate. My question. is can I also deduct the part of the lease amount (business use) in addition to Standard mileage? If not, for 2008, can I change to actual?
Solved!
Helpful Answer
No. If you chose the standard mileage rate for a leased vehicle in the first year you must use it for the entire lease period. See publication 463 page 16 available at irs.gov. This is different than the rules for a vehicle you own.
Solved!
No. If you chose the standard mileage rate for a leased vehicle in the first year you must use it for the entire lease period. See publication 463 page 16 available at irs.gov. This is different than the rules for a vehicle you own.
Answer
No. they are part of the "actual" expenses.
Answer
Narontax,
The standard mileage rate already has a factor for lease payments (or depreciation, if you own the vehicle) built into it.
Just to clarify, not to correct Mimbreno; this is simply a different way of saying the same thing.
Inside of a dog, it's too dark to read.
~Groucho Marx
Comment
Thanks for the prompt response. How about lease payments, can they be deducted in addition to Standard mileage?