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Periya
New Member

Need help on writing off vehicle on business taxes

Hi, I am looking to buy a vehicle that would be titled as Buy-back/Lemon vehicle. It has a steep discount with minor defect that has been addressed. Can I write off this vehicle on business taxes if I pay in full and register it on my business which is registered as S-Corp. Thanks in advance.

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4 Replies
RobertG
Expert Alumni

Need help on writing off vehicle on business taxes

You can deduct your business use of the vehicle subject to the same limitations as any other vehicle.  

 

Business use of a vehicle belonging to an S-Corp may be deducted on an S-Corp return.

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Periya
New Member

Need help on writing off vehicle on business taxes

Thanks, Robert.

Just to be sure, the vehicle title wouldn't affect my write off. correct?

RobertG
Expert Alumni

Need help on writing off vehicle on business taxes

Correct

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terapintile
Returning Member

Need help on writing off vehicle on business taxes

WHAT IF YOU ARE A SUB CONTRACTOR USING MY SS # AND ARE SELF EMPLOYED

 

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