No, you cannot deduct both the cost of the lease payments and the standard mileage rate for a leased vehicle. You must choose one method or the other.
If you choose to use the standard mileage rate, you must use it for the entire lease period, including renewals. Under this method, you cannot deduct your actual expenses, including lease payments, except for business-related parking fees and tolls.
Alternatively, if you choose to deduct actual expenses, you can deduct the business-related portion of the lease payments. However, you cannot switch between the standard mileage rate and actual expenses during the lease period.
This rule ensures that taxpayers do not receive a double benefit by deducting both the standard mileage rate and actual lease payments for the same vehicle.
Sources:
Rev. Proc. 2019-46
Publication 583 (1/2021)
§ 274. Disallowance of certain entertainment, etc., expenses
§ 162. Trade or business expenses
Publication 463 (2023)
Publication 334 (2023)