Are Lease Payments Tax Deductible?

Answer Because lease payments typically constitute one of the most significant expenses for renters, it's not surprising that renters would like to find a way to deduct these payments from their taxes. Th... Read More »

Top Q&A For: Are Lease Payments Tax Deductible

How are lease payments calculated?

Choosing to lease a new car instead of buying it with cash or financing it is a valid option if you want a brand-new set of wheels without making a long-term commitment. Car leases come with lower ... Read More »

Are gas lease payments taxable?

How do I calculate car lease payments?

Gather InformationWrite down the length of your lease term in months. Call the dealer to find out the residual value of the car, which is what the car is worth at the end of your lease term, and th... Read More »

Is there a tax deduction for lease payments?

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 us... Read More »