USA Tax question

[Hung Lam]

Can I write off auto lease payment in my partnership?
Thank you

 

[Werner Reisacher]

Yes, you can if you select the "expense" method and do not simultaneously claim the "milage" deduction. You also must observe the rules regarding "personal" vs "business" and claim the lease payments on a proportionate basis.
I assume that you have an agreement with your business partners on this issue.

 

[Varunjain]

Yes, you can write off the auto-lease payment.