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re: Bad credit auto loan with big down payment?
Posted on 2/26/14 at 12:18 am to DanielTosh
Posted on 2/26/14 at 12:18 am to DanielTosh
And I just looked, you can only depreciate $11,600/yr on the vehicle.
So you're better off buying a 15k used vehicle and depreciating the $3000 or so a year that the IRS allows.
But you shouldn't be able to do both since you are receiving a mileage reimbursement for business use above the federal level.
So you're better off buying a 15k used vehicle and depreciating the $3000 or so a year that the IRS allows.
But you shouldn't be able to do both since you are receiving a mileage reimbursement for business use above the federal level.
This post was edited on 2/26/14 at 12:20 am
1
Posted on 2/26/14 at 12:23 am to Golfer
quote:
And I just looked, you can only depreciate $11,600/yr on the vehicle. So you're better off buying a 15k used vehicle and depreciating the $3000 or so a year that the IRS allows. But you shouldn't be able to do both since you are receiving a mileage reimbursement for business use above the federal level.
Some of that may be true but I've talked to 2 different CPA's and several people who write off things every year. Some of it probably depends on what your business is classified as
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