Any Tax benefits for Automobiles buying

General Real Estate Investing
1

Hi

I was wondering if there are tax benefits for auto expenses besides mileage when you have a LLC that owns apartments and rents it out? For example, are you allowed to take depreciation on your autos (of only certain kind?)? Are you allowed to do it if you bought it in the name of the business? Are there vehicles only of a certain kind?

I would really appreciate anyone’s help, if they have a pointer on this.

Thanks
Alvin

2

I know one rule requires them to be above 6500 pounds, Larger SUVs and Trucks work. I’m not sure about the lower ends.

3

Do you own your vehicles and personal house in an LLC? Is that a good idea?

4

Thanks.

5

I think the solution of own your vehicles and personal house in an LLC is wrong becouse of high tax.
You shiuld use FSF.
FSF or other fund.
There is a many ways evasion law and make your pays less!!! 8)

6

It`s great understanding!!! ;D

7

Are you buying a new vehicle or using one you already own? If you are buying a new vehicle and it is necessary for the operation of your business, you can deduct the full amount in the year you purchase the vehicle. The IRC says you can deduct any expense that is necessary for the operation of your business. That includes a vehicle. I spoke with my accountant about this on Tuesday. Just be sure you talk to your accountant to make sure you follow the rules. I am buying through my LLP, the rules are different if you buy in your own name.