Car Expenses

[WImom]

If I'm just doing the standard mileage deduction can I still claim lease interest/payments and oil changes? I do not drive children so this is just for my business use after hours.

[Blackcat31]

This might answer your questions...

http://www.tomcopelandblog.com/claiming-car-expenses-2.html

[WImom]

Thanks for the info, I tried to use "search" and wasn't coming up with anything to help me.

I do still want to make sure I can claim my lease payments...I see it says loan interest but I don't have that since it's a lease. Can you answer that Tom?

[Blackcat31]

Thanks for the info, I tried to use "search" and wasn't coming up with anything to help me.

I do still want to make sure I can claim my lease payments...I see it says loan interest but I don't have that since it's a lease. Can you answer that Tom?

He has another post about leasing...maybe that one is more helpful

http://www.tomcopelandblog.com/2011/05/should-you-lease-or-buy-a-car.html

[TomCopeland]

Lease

Thanks for the info, I tried to use "search" and wasn't coming up with anything to help me.

I do still want to make sure I can claim my lease payments...I see it says loan interest but I don't have that since it's a lease. Can you answer that Tom?

If you lease you can use either the standard mileage method or the actual expenses method. If you use the actual expenses method you claim the business portion of the lease, gas, insurance, and any other expenses.

BTW - you are always financially better off not to lease, because you are paying more for a car when you lease.