|
Posted by kyle on January 26, 2007, 5:39 am
Please log in for more thread options > kyle wrote:
>> 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..
> 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.
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
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap