Tax write off question?

Question

let's say someone was making $800,000 a year and they buy a $50,000 car straight cash from their bank, can they write that $50K off? or is it better they lease or loan the car, so they can write off the lease or the loan interest?

Answer 1

Agree with the previous poster. In most cases, car purchases are not tax deductible. However, if you claim sales tax rather than state and city taxes, you are able to deduct sales tax. If you paid more than your state and city taxes in sales tax, the tax portion only is deductible.

Answer 2

Here in the US you can't write any of it off, not the cash price, not the lease, not the interest on a loan.

You might be able to take some write off for business expense but not the whole thing.

Answer 3

It doesn't matter how much you make.

Consumer expenses are not deductible.

Business expenses are deductible.

If the car is used for business, you have two choices.
Tracking actual expenses or apply the mileage rate.

Don't forget about depreciation too.