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    1 Reply Latest reply on Apr 13, 2009 7:53 AM by LUCKIEST

    Leasing a Vehicle--Calculating Your Deduction

    geebee Newbie

      When you are figuring your tax deduction for a leased vehicle, do you have to use just the standard mileage (50.5 or 58.5 cents) OR just the deductible payments method, or can you use both? I understand how you figure the inclusion amount for deducting your payments. Is that a separate deduction from the mileage? Also is auto insurance a separate deduction from the standard mileage? Also, I understand how you need to calculate personal from business use.