L leases a car that he uses primarily for business.L may not elect to use the standard mileage rate to account for his automobile expenses.

Question

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If a taxpayer leases a car for business use, they may still use the standard mileage rate to account for their automobile expenses. The IRS allows taxpayers to choose between deducting actual expenses or using the standard mileage rate, which includes depreciation or lease payments, gas, insurance, repairs, and maintenance.

L Leases a Car That He Uses Primarily for Business