Dodge SRT Viper Forums : ViperAlley banner
1 - 20 of 20 Posts

·
Premium Member
Joined
·
1,338 Posts
Discussion Starter · #1 ·
Guys, I posted this at .org, but figure there are now more posters here, so here goes again.

I know some of you must somehow write off your Vipers through your business. How are you doing it? I know about leases, but I am talking about when you are buying or have bought it outright?

I am probably going to be trading in my Z06 on a Hummer H2 this weekend, and I know that through the end of this year, any vehicle over 6000 pounds can be purchased and fully written off as an equipment purchase. However, I am still curious about how to best set it up for cars and performance mods, etc.

Manny
 

·
A Luxury Once Sampled...
Joined
·
18,788 Posts
Either set it up to rent it out, or set up a business to race it professionally. In either case you must actually attempt to make a profit from said business activity, ie: actually rent it out or race it. There are some other methods which are riskier which I personally would never try and I'm not about to post them on a public forum where some IRS agent might be watching. :smooch:
 

·
Registered
Joined
·
3,471 Posts
Sitck your business name on it and use it as a promotions tool.
 

·
Registered
Joined
·
23,347 Posts
I wouldnt try it myself.

unless a lease, Id keep it clean
 

·
Premium Member
Joined
·
1,338 Posts
Discussion Starter · #6 ·
I was actually looking into getting a friend create some custom wheels for the Viper. I am sure I could work something up to where the car would be business related just for 'wearing' the new wheels. I'll figure it out.

Jeff -- Vagisil -- funny... you going down in Texas after Moundir.

Manny
 

·
Premium Member
Joined
·
1,338 Posts
Discussion Starter · #8 ·
John Hennessey said:
Ask your CPA what's the best way to do it for you and your business. Good luck!
I am planning to speak to my CPA in a few weeks. However, my CPA is a straight arrow. He goes 100% by the book. So he will tell me what I already know -- that I need to depreciate them over X amount of time. I was asking here because I was hoping that other business owners here have found a 'special' way to write off a viper like you can with a biug work truck, without having to depreciate it over many years.

Manny
 

·
Registered
Joined
·
123 Posts
Become a vendor for an automotive aftermarket product you would like to use in your viper(Like an obscure car wax)

Just a thought, and this is VERY vague. I have known People to do this and get away with it.(that could mean they were never flaged on it)

This could be a direction to look towards.
 

·
Registered
Joined
·
23,347 Posts
I always think it should be done right and from inception. like when ya first buy the car have it setup from the beginning. not half way thru. it opens eyes when ya do stuff like that.

my .02
 

·
Registered
Joined
·
4,773 Posts
do what you can till you get questioned.
 

·
Premium Member
Joined
·
1,338 Posts
Discussion Starter · #12 ·
Gerald said:
do what you can till you get questioned.
Gerald, those are my exact thoughts. Last I checked, it was less than 1% of businesses getting flagged for an audit, so unless you get audited, you don't have to worry. And if you do get audited, worst thing to happen will be the IRS agent saying you cant deduct this or that and this over here, and then I get a big tax bill, which I would have paid anyway had I not deducted them.

Manny
 

·
Registered
Joined
·
4,773 Posts
from what I understand you'll get a huge bill and settle for pennies on the dollar with the help from a lawyer.. Has anyone heard of this?

Gerald
 

·
Premium Member
Joined
·
1,338 Posts
Discussion Starter · #14 ·
I had a previous business that failed and my then company owed around a half million or so in back taxes which ended up flowing through to me (S Corp.) Anyway, it was settled at about 25 cents on the dollar, and would have been about 10 cents on the dollar had I not owned a house with a bitch load of equity in it. BAH! Oh yeah, I got nailed by the State Franchise Tax Board at the same time, and those bitches will not negotiate for shit right now, since California is damn near bankrupt.

Speaking of taxes, I just bought a Hummer H2 today. Traded in My Z06 on it because it has been for sale for 3 weeks now at Kelly Blue Book Trade in Value, and not a single call. Jeeez, the corvette market is S O F T ! ! !
 

·
Registered
Joined
·
5,362 Posts
Lease it through your company and work out the payment so you have a bunch of equity at the end of the lease then buy it outright, it's like tax free money. Thats the only way I know how to do it.

I would also think you can right it off depending on your business if you put a logo on it and use it as a rolling billboard. The tax laws change to much to say for sure.
 

·
A Luxury Once Sampled...
Joined
·
18,788 Posts
brianflynn said:
Lease it through your company and work out the payment so you have a bunch of equity at the end of the lease then buy it outright, it's like tax free money. Thats the only way I know how to do it.
Warning!! This is very expensive in Texas!!!

You have to pay sales tax on the entire value of the vehicle when you execute the lease, then pay full sales tax on the residual when you buy it out. Double sales taxes! Plus he can't do this if he already owns it. Shit I know so much about this issue but would never post it on an open forum. PM me if you want...
 

·
Registered
Joined
·
4,159 Posts
superbar said:
I had a previous business that failed and my then company owed around a half million or so in back taxes which ended up flowing through to me (S Corp.) Anyway, it was settled at about 25 cents on the dollar, and would have been about 10 cents on the dollar had I not owned a house with a bitch load of equity in it. BAH! Oh yeah, I got nailed by the State Franchise Tax Board at the same time, and those bitches will not negotiate for shit right now, since California is damn near bankrupt.

Speaking of taxes, I just bought a Hummer H2 today. Traded in My Z06 on it because it has been for sale for 3 weeks now at Kelly Blue Book Trade in Value, and not a single call. Jeeez, the corvette market is S O F T ! ! !
Congrats on hte hummer, now put Vortech on it and you are set. LOL
 

·
Premium Member
Joined
·
1,338 Posts
Discussion Starter · #18 ·
DId you see that 750 HP Hummer H2? Damn near as fast as a Viper on the 1/4 mile.
 

·
Registered
Joined
·
5,362 Posts
Biggest said:
brianflynn said:
Lease it through your company and work out the payment so you have a bunch of equity at the end of the lease then buy it outright, it's like tax free money. Thats the only way I know how to do it.
Warning!! This is very expensive in Texas!!!

You have to pay sales tax on the entire value of the vehicle when you execute the lease, then pay full sales tax on the residual when you buy it out. Double sales taxes! Plus he can't do this if he already owns it. Shit I know so much about this issue but would never post it on an open forum. PM me if you want...
Here we pay taxes on theleased portion of the loan not the whole value of the vehicle.
 

·
A Luxury Once Sampled...
Joined
·
18,788 Posts
brianflynn said:
Biggest said:
brianflynn said:
Lease it through your company and work out the payment so you have a bunch of equity at the end of the lease then buy it outright, it's like tax free money. Thats the only way I know how to do it.
Warning!! This is very expensive in Texas!!!

You have to pay sales tax on the entire value of the vehicle when you execute the lease, then pay full sales tax on the residual when you buy it out. Double sales taxes! Plus he can't do this if he already owns it. Shit I know so much about this issue but would never post it on an open forum. PM me if you want...
Here we pay taxes on theleased portion of the loan not the whole value of the vehicle.
...As it should be. Texas.....Taxus!!! :pissed:
 
1 - 20 of 20 Posts
Top