Can I write off 100% of a qualifying vehicle through my LLC, finance it and then write off the interest the following years?
Yes, you can potentially write off 100% of a qualifying vehicle through your LLC using the Section 179 deduction, provided the vehicle meets certain criteria. Here's how it works: 1. **Section 179 Deduction**: This allows businesses to deduct the full purchase price of qualifying equipment and vehicles purchased or financed during the tax year. For vehicles, there are specific rules: - The vehicle must be used more than 50% for business purposes. - It must be purchased and put into service in the same tax year. - There are limits on the amount you can deduct, especially for passenger vehicles. 2. **Bonus Depreciation**: In addition to Section 179, you might also be eligible for bonus depreciation, which allows you to deduct a significant portion of the vehicle's cost in the first year. This is particularly useful for heavier vehicles (over 6,000 pounds gross vehicle weight). 3. **Interest Deduction**: If you finance the vehicle, you can deduct the interest on the loan in subsequent years. The interest deduction is based on the percentage of business use. For example, if you use the vehicle 70% for business, you can deduct 70% of the interest paid. Remember, accurate record-keeping is crucial. Keep detailed logs of business versus personal use to substantiate your deductions. It's also wise to consult with a tax professional to ensure compliance with all IRS rules and to maximize your deductions.
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