Harlan Lunsford <hnslunsf...[at]bellsouth.net> wrote:
- quote -

Thanks so much for your response, Harlan!

If that is the case (of only using it for 2mo) then I will
simply correct that by driving it to the next client site,
where ever that may be in the US, and continuously use that
as my mode for transportation for business related efforts.

But then it really comes down to this: I know when I
purchase the car, that part has to be depreciated (unless I
buy a clunker, like a $3K car). But what about repairs??
Let's say I buy a $2K car, then it needs $5K worth of
repairs and then it becomes almost as good as new. Can I
take the full deduction on the $5K of repairs? Then it
would be appealing to me (and add a piece of mind.. replace
anything that hasn't been replaced in the past few years,,
good as new!).

Kyle

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- quote -

Why not? $2000 to buy (less, say, $500 at sale) is a lot
less than the $2800 he'd otherwise pay for rental cars.

- quote -

Cabs could prove even more expensive, and buses infeasible.

Seth

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kyle wrote:

- quote -

Be sure to let us know what he says about this two month
expense.

In short, since you're talking only about two months usage,
you can't depreciate it since you'll get rid of it I
asssume. Even if you didn't get rid of it, you can't
justify all that expense "writeoff".

Take a cab or the bus.

ChEAr$,
Harlan Lunsford, EA n LA

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hi all,

I am looking into purchasing a car, like a 91 honda accord,
for $1500-2000.

I am based in florida. Currently, I have a 2mo contract in
houston, tx. i pay $350/week in rental cars. ouch! i wish
to purchase this car in houston, register it in florida, get
corp. insurance for it (no comp/collision, obviously), and
keep it in houston at the airport (when i fly back to
florida every weekend). the parking in the houston airport
is deductible as well, i'd assume?

1) Can I write the entire amount off? What is the limit in
the first year for writing off?

2) If it needs a new engine a month from now, can I write
that entire repair bill off?

3) can i write the entire insurance premium off?

thanks so much! i see a cpa for the first time this friday..
wanted to come prepared..

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