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Income Tax > Tax > Tips On Renting/ Leasing Expenses Tips On Renting/ Leasing The following is a list of renting and leasing expenses that can be deducted as either rental or leasing cost.
- If you rent to use office space for a store, or other properties for your business, or if you lease business equipment, you generally can deduct your outlays as renting expenses.
- If you rent property to your corporation, the corporation can claim a rental expense deduction.
- If you pay rent in advance, you can only deduct the portion of the rent that applies to the use of the rented property during the year as current renting expense.
- When you pay a premium to obtain immediate possession, modify, or cancel under a lease, the premium is deductible under renting expense.
- If you use a portion of your home for your business, you may be able to deduct part of your rent as a business expense.
- If you lease a car for business use, the leased cost is deductible.
Additional Links:
Rental/ Leasing Deductible
Tips on Renting & Leasing
Deductible Car Expense
Standard Mileage Allowance
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