BRZ ownership costs and depreciation

[OkieSnuffBox]

Originally Posted by soilent

Hmm, if you buy a car could you write that off as a business expense as well? Or does it only apply to leasing?

You can, but you have to be able to show it's a legitimate business expense. Anyone who needs a vehicle for work isn't buying a twin.

I'm not interested in having the IRS dissect my life every year over a few thousand dollars.

[MisterGoober]

Originally Posted by OkieSnuffBox

Leasing is a way for Karen's to drive a car that they normally couldn't afford, or for the very wealthy that don't mind wasting money so they can always drive something new with a warranty.

I used to think like this, but it’s also a way to lay out very little cash to drive a car I don’t want to keep for more than a few years. Nothing in the market makes sense right now but I’ve scored some sweet lease deals in the last few years. Just depends on the deal.

[soilent]

Originally Posted by OkieSnuffBox

You can, but you have to be able to show it's a legitimate business expense. Anyone who needs a vehicle for work isn't buying a twin.

I'm not interested in having the IRS dissect my life every year over a few thousand dollars.

But I have to travel for work just like anyone else who would be leasing/buying a car. What's the difference between buying this and buying a Mazda 3? It's not my weekend car, it's my daily/only car. Why would that not apply?

[PhatFreshPrince]

Originally Posted by soilent

But I have to travel for work just like anyone else who would be leasing/buying a car. What's the difference between buying this and buying a Mazda 3? It's not my weekend car, it's my daily/only car. Why would that not apply?

I think the difference is you work FOR your company, and OkieSnuffBox owns his company. He can write off the car because he owns the business. As an employee of your work, you can claim like 0.55 cents per mile driven for work.

[MacSpeed]

Originally Posted by PhatFreshPrince

I think the difference is you work FOR your company, and OkieSnuffBox owns his company. He can write off the car because he owns the business. As an employee of your work, you can claim like 0.55 cents per mile driven for work.

Actually, as an individual/employee you cannot write off anything anymore I believe. A business can write off mileage as a short cut simple way or actual expense. If you want to write off a whole car you need to list it as an asset on your balance sheet and depreciate it or do a 179 if that is available to you plus you cannot use the short cut deduction. IRS doesn't care what car you drive.

Go talk to a Tax focus'd CPA if you want real info, not randos on the internet.

[OkieSnuffBox]

Originally Posted by PhatFreshPrince

I think the difference is you work FOR your company, and OkieSnuffBox owns his company. He can write off the car because he owns the business. As an employee of your work, you can claim like 0.55 cents per mile driven for work.

No, I work for a gigantic company. But I've checked all this stuff out with my CPA before. My area of the company used to work from home 2-3 days per week, but now they have closed our office we are full-time remote now.