RIDEGURU
Can you deduct and write-off a lease payment if you drive for Uber? (as a business expense)
Posted 7 years, 1 month ago
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Posted By
Robert Paulson (RPaulson)
560
Driver
Ride Apprentice
Driver in NYC. Uber and Juno, used to drive Yellow
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The Guru Take
Yes, you can.
Since you are using your car for running a business (essentially), you can. If you own the car, you would depreciate the value of the car. If you lease the car, you can deduct the lease payments. Other business expenses can also be deductible.
Remember that most drivers deduct the actual mileage driven. Make sure to consult your tax professoinal to confirm.
Source: https://ttlc.intuit.com/questions/3409258-i-am-an-uber-driver-can-i-deduct-the-car-note-payment
ippei
1202
Uber Driver, CEO of TaxiFareFinder and Unleashed, LLC
Comments
However, one caveat. You may only deduct the amount of the lease that is equivalent to the amount of miles/time the leased vehicle was actually used for ride share. You can break that down by one of two ways. Percent of mileage work/personal. Or length of time spent Uber/Lyft vs. personal. If you are out ride sharing, the number of hours you spend vs. the amount of time you make personal runs to the doctor or grocery shopping. The only way the lease is 100% deductible is if you use the vehicle for nothing else and it is parked when not ride sharing.