Buying a used car..

groundhog11 · Dec 10, 2013

Im thinking about buying a used car...Are their any advantages putting it in your name vs. a business name? would i get more write-offs etc in a business name?

thanks guys..

tatehill2000 · Dec 10, 2013

My acountant writes a % of it +gass off every year..

I dont know if it even matters?
Tater

Murphy8276 · Dec 10, 2013

Just buy it in your name and then put it on schedule c

-murph

MattyMatt · Dec 10, 2013

-Put it in the business name and claim depreciation for 3 years or use a Schedule C.

groundhog11 · Dec 10, 2013

thanks guys...

shdw01 · Dec 10, 2013

do you use it for business? if not then I don't even see a point.

for ex, if you use this 1% for business, you are getting a very small deduction and I'm no lawyer but I think if you get sued on the business side then you can lose the car.

If you rarely use this for business miles (remember, business is NOT commuting miles), then you can also get a mileage reimbursement which is deductible on your tax return.

groundhog11 · Dec 10, 2013

shdw01 said:
do you use it for business? if not then I don't even see a point.

for ex, if you use this 1% for business, you are getting a very small deduction and I'm no lawyer but I think if you get sued on the business side then you can lose the car.

If you rarely use this for business miles (remember, business is NOT commuting miles), then you can also get a mileage reimbursement which is deductible on your tax return.

i will use it for business...didnt know whether to put car in business name or personal name?

shdw01 · Dec 10, 2013

ground hog11 said:
i will use it for business...didnt know whether to put car in business name or personal name?

If this is used for business id rather it go in the business name. Most ppl just buy a car personally and run it as a business expense anyways. I have never seen that to be a problem but if someday you get audited by a total douchebag, id feel better if my "business" car was under the business name