[slaughterj]

For those of you with your Vipers used for your business / as a business expense, do you have them registered as owned by the business? If so, do you have commercial or personal car insurance on them? Don't you need commercial since it is business-owned?

 

[2002GTS]

I claimed my Porsche Boxster the last 4 years as business expense. I claimed 80% of the lease and all expenses on my tax return. I had it registered and insured the same as my other personal car. Never had a problem. In fact, I just got audited three months ago, IRS didn't question it at all.

Not sure what I'm going to do this year. Because the Viper is not leased I can only deduct the interest, which isn't a lot. I might deduct the truck instead.

Bill

 

[LTHL-GRY]

I claimed my Porsche Boxster the last 4 years as business expense. I claimed 80% of the lease and all expenses on my tax return. I had it registered and insured the same as my other personal car. Never had a problem. In fact, I just got audited three months ago, IRS didn't question it at all.
Bill

Dittoes on this... I have claimed 2 Vipers and a Prowler over the years with no problems. registered and insured as personally owned. I was also audited, no questions as above... I write the check (purchase not lease, so I get depreceation too) right out of the company account. Be prepared to produce a picture of the car with your company name displayed or as part of a marketing campaign...

I am in real estate so I can use the cars as "eye catcher" marketing tools. Park them at open houses, on promotional flyers, ice breakers at appointments, recruiting, etc. I am sure this would apply to other types of businesses as well.

Now, get yourself a racing suit, put your comany name on the hood or as a windshield banner and write off your "_insert company name here_ Racing Team" expenses (tires, oil, entry fees, etc) as marketing expense...

 

[01BEE]

Not true 2002GTS, you can also claim depreciation, and expenses for repairs/gas/registration, or if you put on a lot of miles you claim the per mile expense.

 

[V10 MOJO]

my clinics are the official sponsors of my racing expenses and my car expenses

 

[Simms]

my clinics are the official sponsors of my racing expenses and my car expenses

Lucky bastage. My wife is my official sponsor, although she doesn't know it.

 

[V10 MOJO]

LOL, yeah, i bet. i also bet she wont "volunteer" for a second yr of sonsorship as well, you better buy her somethin pretty for xmas bro, or youll be in the doghouse all winter

 

[TOM B]

youll be in the doghouse all winter

Looks like he's there already based on the avatar.

 

[slaughterj]

So does no one have any vehicles owned by the companies and/or with commercial auto insurance?

 

[Simms]

LOL, yeah, i bet. i also bet she wont "volunteer" for a second yr of sonsorship as well, you better buy her somethin pretty for xmas bro, or youll be in the doghouse all winter

You are correct! Speaking of, I got another one of those expensive ass purses for her (to add to already rediculous collection). These purses should come equiped with $500 already inside for how much the damn things cost. Guchi, Prada, Loui.........I'm in the wrong business.