Brian 95 RT
Enthusiast
Just curious if anyone writes off their Viper as a business vehicle (one heck of a business vehicle!). Makes entertaining clients much more enjoyable, and after all, image is everything!!!
Anyone write off their Viper for business?
- Thread starter Brian 95 RT
- Start date
Photo pro
Enthusiast
High school senior portrait photo prop?
Just kidding, I haven't quite figured out how to write it off yet.
By the way, I charge $100 for the use of it as a prop.
Just kidding, I haven't quite figured out how to write it off yet.
By the way, I charge $100 for the use of it as a prop.
AG98RT10
Viper Owner
I'm not a tax lawyer or anything, but it sure seems that someone who owns a business, say, like a speed shop and races a comp coupe with their logo would qualify for some major deductions.
CHAD
Enthusiast
You can write off any vehicle as a company car, regardless of the amount. It gets much more difficult if you want to write off more than one for yourself though.
If you want to write off just the Viper, you may want to lease it so that you can write off the entire payment every month. If you want to buy, I think this year you can write off 50% the first year on a purchase and then amortize the remainder over 3 or 4 years.
This is my understanding only. Hopefully an accountant will chime in.
If you want to write off just the Viper, you may want to lease it so that you can write off the entire payment every month. If you want to buy, I think this year you can write off 50% the first year on a purchase and then amortize the remainder over 3 or 4 years.
This is my understanding only. Hopefully an accountant will chime in.
HARDVIPER
Enthusiast
My CPA says we should only right of the mileage, I didn't want to raise any Red flags.. But what good is that? So I get to write off 700 miles for the year...............
Ratech
Enthusiast
My company manufacture's performance parts. I write it off as a advertising expense. It has a depreciating schedule like the other capital equipment in my business. Most CPA's do not understand the hobby business.
Pictureman
Enthusiast
I'm writing mine off. As a senior Portrait prop. I think I sell enough pictures with it each month to make the payment on it, so I have lots of proof that I use it in the business. http://tgfoto.com/cool.html
Tim
Tim
From what I know, you can write anything off that's used to make money for that business, and the business has a reasonable expectaion showing a profit. It's helpful if a car is bought after you have the business not the other way around. You must be able to show that the car is part of an active attempt to earn money for the business.
I'm sure all the tuners are writing off a car. Even drag racing can be a business.
But entering 'Your Speed Shop' Viper into events that pay little money, twice a year, would be considered a 'hobby' under IRS scrutiny.
Typically the write-off cannot exceed your profits. (you can't go past zero$) and you should be able to show an overall profit sometime in 3 yrs. Which doesn't mean the IRS is going to send you a nice letter at the 3 yr mark. They might let it go on for 7yrs and then demand back payment.
I'm sure all the tuners are writing off a car. Even drag racing can be a business.
But entering 'Your Speed Shop' Viper into events that pay little money, twice a year, would be considered a 'hobby' under IRS scrutiny.
Typically the write-off cannot exceed your profits. (you can't go past zero$) and you should be able to show an overall profit sometime in 3 yrs. Which doesn't mean the IRS is going to send you a nice letter at the 3 yr mark. They might let it go on for 7yrs and then demand back payment.
larry milo
Enthusiast
Typically accountants recomend writing off 1 leased vehicle for each owner or partner in a business.
V10 MOJO
Enthusiast
yep even upgrades and repairs; my company sponsors my racing 
yep even upgrades and repairs; my company sponsors my racing
As was written in a drag racing magazine years ago, every dollar spent in racing is deductable if you form a company/DBA. Having it stand up to IRS scrutiny at some point is the rub. If you're on tour at major events throughout a large part of the country they'd buy that, but if you're just hitting your local strip and getting trophies, that would not hold up and they might want some money back.
Often a deduction only yields 33% back for average type incomes, so there's no free lunch
I typicaly write off every mod I put on my car, but I'll wait until next year to write off the car as well. Mods are easy, as virtually everything I have and will put on my car will be a direct advertisment to the other SRT guys around here. Typically they follow right behind me, whatever I do and they like, they have me do to their SRT.
Miles B
Enthusiast
Why should it be different than any other company car? What sort of transport the company provides for its employees to drive, is the company's business? I know plenty of guys who work for large companies that get company Mercedes, BMWs etc.. if the company values you, it doesn't make you drive a '84 Honda Accord does it.
As long as you pay any required fringe benefit tax, you're OK? Oh, and "all the miles I drove this year in that were company miles, it's a company car - here is my private car" (point to '84 Accord rusting away under a cover in the backyard).
As long as you pay any required fringe benefit tax, you're OK? Oh, and "all the miles I drove this year in that were company miles, it's a company car - here is my private car" (point to '84 Accord rusting away under a cover in the backyard).
garolittle
Enthusiast
I wonder if MGW writes off his Viper. George?
garolittle
Enthusiast
You "expense" it and you "depreciate" it?
Ratech
Enthusiast
You are correct. I did not explain it properly. I expense the maintence, operating expenses, travel, etc.
CHAD
Enthusiast
Just don't forget, commuting is not business. You have to count commuting as personal miles.
Similar threads
