Corp buying vehicle - Posted by John-Fl

Real Estate Investing
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Posted by Randy (SD) on July 28, 2004 at 10:23:14:

The choice to have your corporation take over the lease or outright purchase may not be your best option. You might lose the ability to claim a substantial tax credit by buying in your corporate name. Diane Kennedy, Author “Tax Loopholes for Real Estate Investors” did a live broadcast on this topic 11/20/03 on the creative real estate online radio show, you can find it in the archives at this link:
http://boss.streamos.com/wmedia/wsradio/cre/112003/segment1.asx
If memory serves you can get 100% tax credit for purchases of selected SUV models up to $50,000 in the year of the purchase.

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Corp buying vehicle - Posted by John-Fl

Posted by John-Fl on July 27, 2004 at 20:53:30:

I have a corp that is now starting to church a profit (after 2 years). Personally, I signed a 2 year lease on an Eddie Baur Expedition and it is coming time to either return it or buy it. The cost to buy according to paperwork is 18K but after talking over the phone to the dealer they are willing to negotiate. Not sure how much at this point as I am trying to line up my ducks before I go talk with them. Is it possible for my corp to buy this as a company vehicle?

Thanks in advance.