Anyone buy your truck in company name? IRS section 179 purchase

[TahoeFL2017]

Is anyone familiar with buying a truck in your company name?

I have a potential income issue, and need more deductions. Has to be over 6000 lbs Gross vehicle weight, so Tahoe or Yukon will work.

IRS will allow entire purchase price to be a written off, but I have to buy in the LLC name , and have to buy before Jan 1st

I never bought a vehicle in my LLC name - any one ever done this?

Was it easy?

 

[PPV_2018]

Cannot give you tax advice, but

Buying will be straightforward. If you ever need to sell it could be a little more complicated. Will have to prove that you are not only an officer of your company but also that you are authorized to sell it. Any monies paid for it will have to go to the LLC it was purchased under, so if you close down your company for whatever reason, make sure that is settled beforehand. Also you may have to retain commercial insurance, but maybe not depending on state and circumstance.

Edit also i should add that if you live in a state like i do where ambulance chasing sharks and insurance companies are in kahoots to keep the number of frivolous lawsuits filed and settled as high as possible, your vehicle will have your company name on the registration and if you are involved in an at fault accident, no matter how small it seems, once the other party finds out it is a “company” vehicle you open the door to a world of trouble.

Good luck

 

[TahoeFL2017]

Thanks! My CPA said it can stay in my name, and he can still get me the business deduction, so looking good.

I found a mint condition 2023 Suburban Premier so probably pulling the trigger on it tomorrow.