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Updated almost 9 years ago on . Most recent reply

Srini K.'s profile image
Srini K.'s profile image
Srini K.
  • from Atlanta
  • Member since Apr 14, 2016
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Srini K.'s profile image
Srini K.'s profile image
Srini K.
  • from Atlanta
  • Member since Apr 14, 2016
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Srini K.
  • Atlanta
3
Votes |
17
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Tax, SDIRAs & Cost Segregation

Buying a car

Srini K.
  • Atlanta
Posted

Can I buy a new or old car that i would be using significantly for driving for dollars, or tenant related issues and claim depreciation.

Is it required that the car needs to be on your LLC or can it be on your personal name to help with not having another insurance policy?

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Damian S.'s profile image
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Damian S.
  • Real Estate Broker/Investor
  • from Chicago, Illinois
  • Member since Jul 19, 2015
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Damian S.'s profile image
Damian S.
  • Real Estate Broker/Investor
  • from Chicago, Illinois
  • Member since Jul 19, 2015
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Damian S.
  • Real Estate Broker/Investor
  • Chicago, IL
22
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Damian S.
  • Real Estate Broker/Investor
  • Chicago, IL
Replied

If you will not be using the car solely for business purposes there is no point of buying it using an LLC. You can keep a mileage log and your CPA will determine what you can deduct for legitimate business use.

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