Can I deduct my lease payments on my taxes?
An example of an AI chatbot conversation about deducting lease payments for tax purposes.
Can I deduct my lease payments on my taxes?
Yes, you can deduct lease payments if the vehicle or equipment is used for business purposes.
Are there any specific requirements I need to meet?
Yes, you must keep detailed records of the lease payments and how the asset is used for business.
What if I use the vehicle for both personal and business?
You can only deduct the portion of the lease payments that corresponds to the business use.
How do I calculate the business use percentage?
Track your mileage for both personal and business trips, then divide the business miles by total miles driven.
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