I'm in Florida.
My situation is this. I'm a real estate investor in tampa and I'm starting an LLC with my two partners, to move from a partnership to an llc. Now, I'm doing alright at this time, financially and I think its time to get a car. I really need a car for business and I was thinking, If I buy the car under the business name, with my partners consent of course, we could write it off as a business expense, right? I'm pretty sure I've got that part right, as I would be using for business activity, almost exclusively since i'm always working.
Now, I was thinking that after a couple of months or a year or whatever, when we start to do really well, I'd like to have it be my car. I dont want to continue to use it and if something goes wrong with the business have my car taken away as a business asset, you know. So, can I buy the car from the business and still have the business write it off? would the business have to claim the amount I pay for the car as profit? and lastly, is there a minimum that I can pay the business for the car, in order to maximize the amount written off?
Thanks,
chris
My situation is this. I'm a real estate investor in tampa and I'm starting an LLC with my two partners, to move from a partnership to an llc. Now, I'm doing alright at this time, financially and I think its time to get a car. I really need a car for business and I was thinking, If I buy the car under the business name, with my partners consent of course, we could write it off as a business expense, right? I'm pretty sure I've got that part right, as I would be using for business activity, almost exclusively since i'm always working.
Now, I was thinking that after a couple of months or a year or whatever, when we start to do really well, I'd like to have it be my car. I dont want to continue to use it and if something goes wrong with the business have my car taken away as a business asset, you know. So, can I buy the car from the business and still have the business write it off? would the business have to claim the amount I pay for the car as profit? and lastly, is there a minimum that I can pay the business for the car, in order to maximize the amount written off?
Thanks,
chris