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#2
08-26-2003, 11:37 PM
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 Re: Deduct Car's Cash Down Payment As Business Expense? Robot <NOSPAMrobot[at]earthlink.net> wrote: - quote - > I put a large down payment down on a car used in my business
The down payment is NOT DEDUCTIBLE, you are buying a capital> (self employed). > Is this down payment deductible, or can I only deduct the > interest, etc. of the car? > I may switch to only leasing cars, if this is not > deductible. asset used at least 50% for business. You must depreciate the asset, which is one way of deducting such costs. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
08-26-2003, 11:18 PM
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| Re: Deduct Car's Cash Down Payment As Business Expense? "Robot" <NOSPAMrobot[at]earthlink.net> wrote: - quote - > I put a large down payment down on a car used in my business
The down payment is not deductible nor is the principal> (self employed). > Is this down payment deductible, or can I only deduct the > interest, etc. of the car? > I may switch to only leasing cars, if this is not > deductible. repayment on the loan, the interest is deductible. You can also deduct depreciation on the vehicle if you do not use the standard milage rate for vehicle expense. The amount of depreciation you can claim will be limited if the weight of the vehicle is under 6000 lbs. Leasing may or may not make sense depending upon a number of factors including how long you tend to keep your vehicle. The longer you tend to keep your vehicles the more favorable purchase tends to be; however, you would have to do an analysis for your particular situation. -- Dean Gilger, EA CPA CMA Playa del Rey, CA Postings here are general information only and not to be relied upon as advice << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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08-26-2003, 10:58 PM
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| Re: Deduct Car's Cash Down Payment As Business Expense? "Robot" <NOSPAMrobot[at]earthlink.net> wrote: - quote - > I put a large down payment down on a car used in my business
The down payment is not deductible, but the interest you may> (self employed). > Is this down payment deductible, or can I only deduct the > interest, etc. of the car? > I may switch to only leasing cars, if this is not > deductible. pay is. Also, you may deduct depreciation on a business automobile. Wayne Brasch, CPA, M. S. Taxation << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
08-25-2003, 12:29 PM
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| Deduct Car's Cash Down Payment As Business Expense? I put a large down payment down on a car used in my business (self employed). Is this down payment deductible, or can I only deduct the interest, etc. of the car? I may switch to only leasing cars, if this is not deductible. - Thanks << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| business, car, cash, deduct, expense, payment |
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