I wanted to buy a vehicle using a supplier discount. The discount only works for a purchase made by me. However, I plan to use this vehicle for business use with my own LLC. I am the sole owner/manager in the LLC.
Am I still able to write-off the asset depreciaton on the vehicle under the LLC, even though it is titled and registered to me instead of the company? Or must the purchase be made in the company's name?
2007-04-23 09:32:38 · 3 answers · asked by ridestwins 1 in Business & Finance ➔ Small Business
It depends on the elections you made when you created the LLC. If you elected to pay taxes as a partnership, you may be able to get away with it. If you elected to pay taxes as a corporation, this may not work.
But what's preventing you from buying the car yourself and transferring it to the company as a capital contribution?
2007-04-23 11:06:27 · answer #1 · answered by NC 7 · 1⤊ 0⤋
regrettably, by way of fact the identify holder, and the guy who signed the loan papers, you have an criminal accountability to make the money. you are able to attempt to take possession and sell the automobile, yet you are able to not sue your sister for the depreciation of the automobile. extra desirable, if she would manage to't make the money, how is she going to have the skill to pay you something? be careful who you sign for...
2016-11-26 23:22:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Also, unless you are not using very many miles, the standard mileage rate might give you a bigger deduction than dep and expenses. especially if you keep the car for more than 3-5 years...
2007-04-23 11:31:24 · answer #3 · answered by Red3Biggs 2 · 0⤊ 0⤋