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chris886 OP t1_jaab39c wrote

Reply to comment by Thisismypasswprd in Taxes for a small business that I don’t plan on drawing income from? by chris886

Yep yep. Definitely going to be vetting out the deductions game for all it's worth!

Thanks.

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shadow_chance t1_jaaiwgl wrote

To be clear, your primary vehicle doesn't magically become a business vehicle that suddenly is saving you 100% on your taxes. You can deduct the use of your vehicle that is used on the business.

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chris886 OP t1_jaaktxg wrote

Lol, yes I did figure it was for just the business use. That’d be nice though right!

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Thisismypasswprd t1_jaal8ah wrote

The business can also buy it. There are different ways to go about this... I just wanted to paint a picture. Any more info and I'd have to start charging consultant fees

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shadow_chance t1_jaallmr wrote

And it's still limited to business use the % you can deduct.

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Thisismypasswprd t1_jaamgv4 wrote

I keep my work vehicle separate but yes it's all relative. The business would want to buy it to write off the depreciating asset that an individual cannot do

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vettewiz t1_jaacifc wrote

Remember the big tax savings, depreciation of the property.

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chris886 OP t1_jaacqgg wrote

Doesn't property value appreciate though, generally speaking?

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vettewiz t1_jaad1iv wrote

Not until you sell it. On a given year, you will deduct the purchase price of the property (minus land value), divided by 17.5 I believe. IRS uses a depreciation schedule of 17.5 years for real property.

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