100% of exotic car write-off?

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?

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.

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

If your going to step up and write off 100% of one of these gals then good luck and takes care

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.

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" ?

 

 

 

 

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

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

 

 

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.

And watch out or the luxury vehicle exceptions to the general rule of deductions on business vehicles.

Fixed for accuracy.

 

haha, thanks!

Thoughts? Yeah, you sound like an idiot. That is all....

Two sure fire ways of being audited

 

1: Excessive travel and entertainment

 

2: Trying to expense an exotic automobile.

People like this will make my job as a CPA difficult.

:aiwebs_017: :aiwebs_017:

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 do realize you can only write off business losses against business profits, right?

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?

 

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....

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.

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?

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?

 

 

I'd rock that!

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

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