How do you go about filing a one time tax deduction for a vehicle?
I started a company but purchased the vehicle before I got the actual LLC. My vehicle is used for my business and I wanted to file for a one time tax deduction for using it. Help….
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September 2nd, 2010 at 10:29 am
Your LLC must own the title to the vehicle. Can you refi with you as an individual personally guaranteeing the business will pay? You can still do mileage in a car your LLC doesn’t own.
September 2nd, 2010 at 11:21 am
It’s not a one time deduction. If you qualify, you can depreciate it over the lifetime of the vehicle.
September 2nd, 2010 at 12:14 pm
As long as the vehicle fulfills the requirements of the section 179 deduction:
http://www.irs.gov/formspubs/article/0,,id=177054,00.html
An LLC is a non recognized entity on the federal level, (IRS) so depending on the number of members, if more than one, it may be a partnership. If so, When the form 1065 is filed, your are given a form K -1 which will allow you to transfer the sec 179 credit to your personal 1040 return.
How your vehicle is titled may need further addressing, due to your state residence for deductability