| Author | Message | ||
| magoo (Magoo)
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Hey Pal, All I know about lumber is that you can cut it with a saw and drive a nail into it. BRGDS | ||
| Ken (Allyn)
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Well, I DID say I just play a lawyer on line...if you rely on me for tax advice you get what you paid for!*S* Now, if you want to know about trading softwood lumber... | ||
| magoo (Magoo)
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Ken, One other thought. If you own a dealership or car sales outlet and have a parts counter, You may try and claim your Ferrari as a parts delivery vehicle but it would still throw up a red flag. Get my point? | ||
| magoo (Magoo)
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Ken, You might use some of them as demos, which would not be a write off because the laws have changed and a demo is classified as income to the salesman who drives it. You might use them as a loaner vehicle, which you could write off the depreciation for the time in use as a customer loaner, but just putting ad signs on a Ferrari and writing it off says,"CHARGE"! | ||
| Ken (Allyn)
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Well, if you sell high end exotics, advertising on one makes sense to me! But I'm not a lawyer; I just play one on line. | ||
| magoo (Magoo)
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Martin, Sounds like you are asking for a audit. I wouldn't want to explain to the IRS why I was deducting a Italian Sports Car as a expense, Ferrari no less, just because I put magnetic signs on it. It may seem OK but it sure throws up questions. Too many red flags. If you wave a red cape in front of a bull chances are he will charge you. Good Luck. BRGDS. | ||
| Martin (Miami348ts)
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here is some old pictures. Will have one from this weekend later   | ||
| Nunja Bitness (Jaxfl)
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One of my companies is a comic book studio. I plan to use the Ferrari at trade shows, etc. Kids love exotic cars and it seems like it would be an attraction that would generate unique exposure not available through conventional advertising. I did consider having one corp. sell the ads to my comic company. I want to keep it legit and that sounds like the best way to structure it. Thanks for the insights. Kevin | ||
| Martin (Miami348ts)
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I do. Post ads on your car and it is a legit expense. You can even do this: creat a new holding company that owns your car. Then sell the ad spots on your car back to you. Write off all expenses you have one the car vs the ad income you sell yourself. I can not think of a more legit way to do this. This is my car when in public: (love to show you the picture but the camera is at home...sorry. | ||
| Dave Wapinski (Davewapinski)
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Old business saying: One cannot evade a cent, but one can deduct the world. I would get the advice of the best tax accountant you can find. There are reasons the very rich rarely pay income taxes. From what little I know: far easier as a corporation. One of the things IRS looks for is do you have a personal car or is this the only car. The people I know who have exotics as a compnay car have never been challanged. I know one person who bought his own train as a promo item. Having gone through two IRS audits: one caused by a fire loss - IRS ended up accepting the returns correct as filed. Probably a rarely used form letter. Second one: second time caused by ex-wife. Got burned a little even though I owed nothing. In both cases, IRS never did look to determine if any of the deductions were valid. They looked at if I reported all income and if I had documentation of all expenses. If not a corporation, would be extrememly careful. In either case, find the best tax accountant and/or attorney you can find even if you already have an accountant. He/she will be worth whatever the cost. It will save you in the long run. Life is too short not to remain legal, and it can be done. Dave Wapinski | ||
| Russ Moore (Rem9)
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This is the type of thing that will test the skill and knowlege of your accountant and tax lawyer. Trying to declare a Ferrari as an advertising business expense is a real Pandora's box. Documentation of any and all expenses in addition to details on any milage will be mandated and it's rather like waving a red flag before a bull to the IRS. You'll need to prove constantly it is not for personal use. Proceed with wisdom and weigh the consequences. Good luck. Russ | ||
| paul s (Pes236)
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i believe that if you could legitamatly prove this as a business related purchase ( yeah right ) that the max depreciation is around $ 3400 yearly ( somewhere around there ) for all vehicles under 6000 lbs - vehicles over 6000lbs like utility work trucks can take full purchase price divided by 5 yrs for depreciation - thats why i drive an excursion ( besides the 355 ) 40K = 8k a year allowed depreciation- ps not an accountant here - i think im right on this stuff - but if im not thats why i pay an accountant every year | ||
| magoo (Magoo)
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It better be a good explanation as to why you want to write off a Ferrari as a business expense. I don't know what your line of work is but I'm sure even Hugh Heffner would have to be careful in charging back a Ferrari and he is in the business, If you know what I mean. I don't think hanging signs on it and driving it around will allow you the luxury of that option. | ||
| Nunja Bitness (Jaxfl)
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I plan to get a 99 Ferrari 360 Modena and use it for the promotion of one of my companies. How much of it can I write off as an advertising expense? What is involved in the process? Thanks, Kevin |