All Forum Posts by: Johnny English

Thanks again @Nicholas Aiola

Hi Nicholas,

Thank you for the reply. The SUV is $100K and >6000 GVWR. With this weight and 100% business use will I be able to deduct the full $100K?

Hi Basit,

Thank you for the reply. Yes I plan to file tax returns for state of CA. Just wondering about the process of this new SUV/trucks deduction. Thanks again.

Hi Nicholas,

I have a question about the new tax law regarding SUV/trucks. I have a virtual consulting business w a WY LLC. I am based in CA but travels around the country to conduct my business. When I am in CA i plan to purchase an SUV to be used 100% for my business travels.

1. If I plan to purchase and deduct the SUV this year obviously I will have to keep detailed documentation for 2019. But what about 2020? Since I plan to take 100% depreciation on the car for 2019, am i still required to keep records for the subsequent years? 

2. If end up selling the SUV in the future, will i be required to pay back depreciation recapture?

3. Does the IRS care if the SUV is financed under my name or does it have to be financed under the business entity?

Thank you for taking the time to answer all of our questions. You have been a tremendous help to this group!

Thank u Patrick. Much appreciated.

i have a virtual consulting business under a Wyoming LLC. Can i deduct business expenses (i.e. car, home office, travel, etc) for CA?