Tax Question
Thread Starter
Advanced
Joined: Feb 2005
Posts: 93
Likes: 0
From: HILLSBORO MD
Tax Question
I know there is probably no way, but I will ask anyway, any tax deductions that can be taken? Is there a legal way to take a 179 deduction on my 2005 purchase of a 65 BB?
I do get a 179 when I buy a new truck for the job and I sometimes use the Vette for sales calls.
I know the sales tax is deductible, but it would be great to claim a few of those BB bucks someway.
I do get a 179 when I buy a new truck for the job and I sometimes use the Vette for sales calls.
I know the sales tax is deductible, but it would be great to claim a few of those BB bucks someway.
Instructor
Joined: Sep 2003
Posts: 155
Likes: 0
From: Tallahassee FL
Section 179 is for business equipment, with limitations, and there are additional limitations on autos and trucks. The vehicle would have to be used at least 50% for business, with prorated reductions in the deduction available from 100% down to 50% usage. Short answer, you can't justify it unless you really drive the vette alot for business. Would you look an IRS auditor in the eye and tell him it is for business? Sorry. Usual disclaimers apply. 
Thread Starter
Advanced
Joined: Feb 2005
Posts: 93
Likes: 0
From: HILLSBORO MD
Thanks Guys
Didn't figure on any brake from the IRS on this,but the pure enjoyment of working and driving a mid year makes the bucks seem unimportant.
Rich
Stop in if you get up to Hillsboro!
Didn't figure on any brake from the IRS on this,but the pure enjoyment of working and driving a mid year makes the bucks seem unimportant.
Rich
Stop in if you get up to Hillsboro!
Pro
Joined: Dec 2004
Posts: 575
Likes: 7
From: Rio Rancho NM
Maybe this link will help:
http://www.barrett-jackson.com/the_bj_experience.asp
I have been looking for the magazine but have not had an luck. The cover says how to by your dream car and write it off. If anybody has any info on this I would like to know also.
Chuck
http://www.barrett-jackson.com/the_bj_experience.asp
I have been looking for the magazine but have not had an luck. The cover says how to by your dream car and write it off. If anybody has any info on this I would like to know also.
Chuck
Safety Car
Joined: Jan 2001
Posts: 4,414
Likes: 766
From: Barrington IL
The info on the BJ article discusses the 1031 exchange which basically means if you sell a car for a profit and then buy one or more cars of equal or greater value then the gains are exempt from taxes. Speak to your tax preparer for more info on the 1031 exchange.
