Selling the VW (or classic car) to your own Business

[Malokin Martin]

I have a CPA who can guide me through this, but was just curious if anyone here has done this and if they had any advice.

Was it worth it? I have quite a bit of tax burden coming my way this year and was musing on write-off options.

[TDCTDI]

I have not done it but wouldn't it be like taking the tax deduction on tools purchased only to have to declare them & pay tax on them every year thereafter? And then have to pay the annual tax & registration? What about the liability of tying the vehicle to the business in the event of an accident (not that a lawyer wouldn't research all assets in the event of insufficient coverage.)?
_________________
Everybody born before 1975 has a story, good, bad, or indifferent, about a VW.


GOFUNDYOURSELF, quit asking everyone to do it for you!


An air cooled VW will make you a hoarder.


Do something, anything, to your project every day, and you will eventually complete it.

[my59]

My wife bought a used car for business use. Her business pays car payment, insurance, maint, gas,
The accountant deals with all the paperwork.
Now, with 130k miles on it, she wants something larger, to find out its a 3500 trade in with 7k owed.
I think she will be driving it for a while yet....

Meanwhile, I'm rolling a 40 year old benz with 221k miles on it, another 1k miles and I figure it's a free car after that.
_________________
my59: Well son, my grandfather died before I got to drive it, so does that answer your question?
our79: sunroof bus w/camper interior and 2.0 FI
Other:'12 Jetta, '77 Benz 300D, and a 74 MG Midget.

[vwinnovator]

you can do it if it's used for business use partially or entirely and depreciate over time accordingly.

only obstacle you face is if you decide to sell it later. once depreciation exist on it, any sale for a gain will hurt you as you will have to recapture any depreciation taken and have tax liability.

plus side though, all maintenance and repairs are expendable.