Jump to content

What's the deal with writing a car off as a business


kdkane79
 Share

Recommended Posts

I own a small business and I have had a few people tell me that they bought new cars for themselves, for pretty much personal reasons, but wrote them off as a business expense. Well, my wife wants a new car and if it could write it off on my taxes I would defenitely get it for her.

How would you have to prove this to the IRS if they wanted to see proof that it was a business expense? I don't do any traveling in my business but could I just say I do and it would be covered as a business expense?

In short, how do I write it off without it being for my business?

Thanks

Link to comment
Share on other sites

The chances of getting audited are pretty slim but technically you would be expected to keep some sort of log of your usage and, as said above, it would have to be something other than getting to and from work. I have a work truck and you can right off the purchase price over a few years and then do a per mile write off (around 40 cents a mile I imagine this year). I don't keep a log but it is a van with ladders on top and is full of tools and is clearly not a ride around car although I occasionally use it to take the dog to the park or something. Legally speaking you would not be able to do that with your wife's car but people do it all the time. Atything is legit until you get caught. :D

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...