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Limo for business use - Tax Question
Posted on 1/14/25 at 1:29 am
Posted on 1/14/25 at 1:29 am
So I'm looking at a limo to purchase for my business. Will be used to take customers, wine and dine, etc etc. It holds 10 passengers and will only be used for business purposes.
I reviewed Section 179 and Bonus depreciation IRS rules but I am still quite confused.
I am looking for a way to use accelerated depreciation to deduct 100% of the cost in the first year. The law is very shaky and I'm not sure which section it qualifies for. It's right under 6,000 pounds from what I understand.
Anyone have knowledge on this. Thank you in advance.
I reviewed Section 179 and Bonus depreciation IRS rules but I am still quite confused.
I am looking for a way to use accelerated depreciation to deduct 100% of the cost in the first year. The law is very shaky and I'm not sure which section it qualifies for. It's right under 6,000 pounds from what I understand.
Anyone have knowledge on this. Thank you in advance.
5
Posted on 1/14/25 at 4:39 am to SaintNation
Bonus is being fazed out. For 2025 it is down to 40%. Section 179 is your only option for 100% unless Trump gets a tax law passed through congress this year.
Posted on 1/14/25 at 5:28 am to SaintNation
I've got to ask, what line of work are you in?
I would cringe so hard if someone who was trying to do biz with me showed up in a limo.
I would cringe so hard if someone who was trying to do biz with me showed up in a limo.
Posted on 1/14/25 at 5:54 am to SaintNation
We have a company vehicle with an employed dedicated driver. It was purchased a couple years ago, and I am pretty certain my CPA depreciated it 100% the first year (I remember seeing a line item deduction of full cost of the car). I recall him telling me at the beginning of this year that we had already depreciated it 100%. I think you have issues when you trade it in as the vehicle has not depreciated 100% so you owe Uncle Sam. Since we have a huge tax liability this year I asked if we should get a new company car and he mentioned something of this nature. I tuned out when he said no, so I forgot the exact reasons why.
Ask your CPA.
Ask your CPA.
This post was edited on 1/14/25 at 5:56 am
Posted on 1/14/25 at 6:02 am to SaintNation
quote:
only be used for business purposes.
quote:
Will be used to take customers, wine and dine, etc etc
You need to work on this and make sure this isn’t being used for entertainment, which is not deductible even if 100%.
You need to talk to a cpa if you are seriously looking at doing these types of deals. They will be able to save you $ and guide you on this.
Posted on 1/14/25 at 9:55 am to SaintNation
We own an executive transportation business and are able to take advantage of the depreciation... a couple of things:
1. on trade-ins, you do have to pay back what you haven't reached on the depreciation schedule
2. We are able to buy these because they are part of the fleet.
3. To anyone getting into the transportation/limo business... don't do it. Drivers don't wreck their own cars, they wreck ours.
1. on trade-ins, you do have to pay back what you haven't reached on the depreciation schedule
2. We are able to buy these because they are part of the fleet.
3. To anyone getting into the transportation/limo business... don't do it. Drivers don't wreck their own cars, they wreck ours.
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