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Buying GTR for LLC business


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#1 Grunt0322

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Posted 30 June 2020 - 05:42 AM

Hi All! I'm in the process of establishing my LLC and I'm considering purchasing a GTR for 100% business use so that I may write it off as business expense. I know there deduction limitations but it seems that based on the depreciation table you could deduct almost $50K. This would be my second GTR so I'm very familiar with maintenance costs so I'm more so curious to see if anyone else has done anything similar.

 

Thanks! 


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#2 droptopp

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Posted 30 June 2020 - 10:36 AM

I don’t but do have other cars on my business. Shouldn’t be an issue - as always talk to your CPA and get their sign off lol.
TSM Billet Crank 4.1 w/ CP billet pistons, TSM Elite Prime turbos, TSM Wet Sump Oling upgrade, flex fuel, ETS mid and down pipe, STM titanium axle back, STM race FMIC, ID2000s, Shep One K with drop gears and all the goodies., DS Axles, Volk Saga 18 10/12 (MT ET Streets), Advan GT Premium 20 R888. 1450+ hp / 1210+ tq

Old setups : Alpha 9 w/ AMS 3.8, GTX3582R Gen II w/ AMS 4.1 billet crank, GTX3582R Gen II w/ AMS 4.0 big bore billet crank and of course FBO E85.

#3 Grunt0322

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Posted 30 June 2020 - 11:07 AM

I don’t but do have other cars on my business. Shouldn’t be an issue - as always talk to your CPA and get their sign off lol.

Thanks Drop! You're taking the deductions only against your business income correct?


- "I am not the first in anything nor the fastest in any category because I don't have a small penis."

#4 droptopp

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Posted 30 June 2020 - 02:24 PM

If you use it solely for a specific business, yes those are the rules, well today anyways lol. If used as mix between multiple businesses or mixed personal then it’s spread.
TSM Billet Crank 4.1 w/ CP billet pistons, TSM Elite Prime turbos, TSM Wet Sump Oling upgrade, flex fuel, ETS mid and down pipe, STM titanium axle back, STM race FMIC, ID2000s, Shep One K with drop gears and all the goodies., DS Axles, Volk Saga 18 10/12 (MT ET Streets), Advan GT Premium 20 R888. 1450+ hp / 1210+ tq

Old setups : Alpha 9 w/ AMS 3.8, GTX3582R Gen II w/ AMS 4.1 billet crank, GTX3582R Gen II w/ AMS 4.0 big bore billet crank and of course FBO E85.



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