mike brown Report post Posted April 17, 2011 What if you start a business and in the what your business will be doing section you list: selling pots and pans (random) and automotive sales Therefore you can actually do a few different things, buy whatever vehicle you want, list it on autotrader etc. drive it, write it off, sell it, whatever… Thoughts? Quote Share this post Link to post Share on other sites More sharing options...
DickSimmons Report post Posted April 17, 2011 Do you really think you're the first person to think of such a clever plan? Plan on getting audited and penalties that will hurt a lot more than the money you saved writing it off. Quote Share this post Link to post Share on other sites More sharing options...
C5Steve Report post Posted April 17, 2011 What if you start a business and in the what your business will be doing section you list: selling pots and pans (random) and automotive sales Therefore you can actually do a few different things, buy whatever vehicle you want, list it on autotrader etc. drive it, write it off, sell it, whatever… Thoughts? If you have to look for short cuts to "afford" the car, you can't afford it. You really don't want to raise red flags to invite the irs to look at your books Quote Share this post Link to post Share on other sites More sharing options...
gLA Report post Posted April 17, 2011 If your going to step up and write off 100% of one of these gals then good luck and takes care Quote Share this post Link to post Share on other sites More sharing options...
camaro97 Report post Posted April 17, 2011 I would think the only way you could do this type of thing is if you owned a performance shop that worked on exotics. Maybe then you could justify write-offs, but I don't know. Quote Share this post Link to post Share on other sites More sharing options...
porter Report post Posted April 17, 2011 Your recent threads have been interesting Mike. Is your next thread going to be "How can I get a 144 month lease with no money down and having no fixed address" ? Quote Share this post Link to post Share on other sites More sharing options...
Allan-Herbie Report post Posted April 17, 2011 Your recent threads have been interesting Mike. Is your next thread going to be "How can I get a 144 month lease with no money down and having no fixed address" ? Hey... I wanna know that tooooooo Quote Share this post Link to post Share on other sites More sharing options...
escobar Report post Posted April 17, 2011 If your going to step up and write off 100% of one of these gals then good luck and takes care Fixed for accuracy. Also, from the LOL thread: Taxes Quote Share this post Link to post Share on other sites More sharing options...
Assman Report post Posted April 17, 2011 Your recent threads have been interesting Mike. Is your next thread going to be "How can I get a 144 month lease with no money down and having no fixed address" ? You could also buy your car with 6 assorted credit cards. Quote Share this post Link to post Share on other sites More sharing options...
Teufel657 Report post Posted April 17, 2011 And watch out or the luxury vehicle exceptions to the general rule of deductions on business vehicles. Quote Share this post Link to post Share on other sites More sharing options...
gLA Report post Posted April 17, 2011 Fixed for accuracy. haha, thanks! Quote Share this post Link to post Share on other sites More sharing options...
Flash Gordon Report post Posted April 17, 2011 Thoughts? Yeah, you sound like an idiot. That is all.... Quote Share this post Link to post Share on other sites More sharing options...
Jpegs13 Report post Posted April 18, 2011 Two sure fire ways of being audited 1: Excessive travel and entertainment 2: Trying to expense an exotic automobile. Quote Share this post Link to post Share on other sites More sharing options...
Teufel657 Report post Posted April 18, 2011 People like this will make my job as a CPA difficult. Quote Share this post Link to post Share on other sites More sharing options...
Guest Rob Burgundy Report post Posted April 18, 2011 :aiwebs_017: :aiwebs_017: Quote Share this post Link to post Share on other sites More sharing options...
mike brown Report post Posted April 18, 2011 The idea popped in my head - thought it was a valid question, bash if you want to bash - What about a new company that opens and buys one vehicle? With just about every car I have ever bought I list on autotrader asap - I generally buy vehicles and drive them for a year or two or three and sell them for more money or break even, so why not? Why couldn't you buy one, sell etc. you have to start somewhere right? Some of the biggest companies started with a truck load etc. Quote Share this post Link to post Share on other sites More sharing options...
DickSimmons Report post Posted April 18, 2011 You do realize you can only write off business losses against business profits, right? Quote Share this post Link to post Share on other sites More sharing options...
Gilligan740 Report post Posted April 18, 2011 The idea popped in my head - thought it was a valid question, bash if you want to bash - What about a new company that opens and buys one vehicle? With just about every car I have ever bought I list on autotrader asap - I generally buy vehicles and drive them for a year or two or three and sell them for more money or break even, so why not? Why couldn't you buy one, sell etc. you have to start somewhere right? Some of the biggest companies started with a truck load etc. Does he look like he'd let you do that? Quote Share this post Link to post Share on other sites More sharing options...
Swil Report post Posted April 18, 2011 If your going to step up and write off 100% of one of these gals then good luck and takes care Your recent threads have been interesting Mike. Is your next thread going to be "How can I get a 144 month lease with no money down and having no fixed address" ? Thoughts? Yeah, you sound like an idiot. That is all.... Quote Share this post Link to post Share on other sites More sharing options...
Assman Report post Posted April 18, 2011 The idea popped in my head - thought it was a valid question, bash if you want to bash - What about a new company that opens and buys one vehicle? With just about every car I have ever bought I list on autotrader asap - I generally buy vehicles and drive them for a year or two or three and sell them for more money or break even, so why not? Why couldn't you buy one, sell etc. you have to start somewhere right? Some of the biggest companies started with a truck load etc. You can do that if you get a dealers license. Requirements differ by state. Quote Share this post Link to post Share on other sites More sharing options...
DickSimmons Report post Posted April 18, 2011 The idea popped in my head - thought it was a valid question, bash if you want to bash - What about a new company that opens and buys one vehicle? With just about every car I have ever bought I list on autotrader asap - I generally buy vehicles and drive them for a year or two or three and sell them for more money or break even, so why not? Why couldn't you buy one, sell etc. you have to start somewhere right? Some of the biggest companies started with a truck load etc. An exotic car that you can drive for 2-3 years and break even/profit on? Has anyone heard of this car? What is it and where can I get one? Quote Share this post Link to post Share on other sites More sharing options...
Jpegs13 Report post Posted April 18, 2011 An exotic car that you can drive for 2-3 years and break even/profit on? Has anyone heard of this car? What is it and where can I get one? Quote Share this post Link to post Share on other sites More sharing options...
TRANSAMERA Report post Posted April 18, 2011 I'd rock that! Quote Share this post Link to post Share on other sites More sharing options...
Kevin2772 Report post Posted April 18, 2011 An exotic car that you can drive for 2-3 years and break even/profit on? Has anyone heard of this car? What is it and where can I get one? Although he could be talking about McLaren F1's. As long as you only drive them about 2-3000 miles in those couple years you could do this. But anyone who is buying and driving F1's at will isnt going to be worried about write offs on the company and buying Murcis for 75G's Quote Share this post Link to post Share on other sites More sharing options...
mike brown Report post Posted April 18, 2011 An exotic car that you can drive for 2-3 years and break even/profit on? Has anyone heard of this car? What is it and where can I get one? Buy at wholesale or below and sell at retail. I have done this with multiple Nsx's, Prowlers, Vipers, Ferrari. I just picked up a 99' Ferrari 360 for $54k with 14k on it, all service done, perfect condition, I could probably drive this car for 4-5 years and break even or make a few bucks. Just bought a 99' Prowler for 19k last fall with 9k miles on it, perfect condition.. could probably drive that for the next 10 years and not lose a dime when I sell it. I have even bought a vehicle for my business from a dealership, drove it for over a 100k more miles over 3 years and sold it for more then I originally paid. - this was a regular pick up tho If I'm not getting a steal on the car I just won't buy it Quote Share this post Link to post Share on other sites More sharing options...
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