All Forum Posts by: Todd Shroats

I am wondering about equipment that I own and use through my business.  I have been told the best way to set up my new scorp and llc, is to sell my equipment to my llc for a dollar declare the fair market value through my llc and Lease my equipment to my scorp.  What I am wonder since the equipment will be new to my llc can the llc depreciate the equipment off again?  And the scorp should be able to deduct the lease payment as an expense.

I have been reading that this would be an operating lease since I don't want the scorp to own any equipment.  Is there any limitation with an operating lease between my llc and scorp.  I have also read that they are doing away with long term operating leases.  So I would do a 12 month operating lease for the equipment.

I already own the truck and most of my miles are for work,  I don't drive much maybe 11000 miles per year.  I was wondering if there would be a better way or a way of getting more of an deduction rather than using mileage.

If I lease my car to my scorp,  the scorp can write off the lease payment.  Can I write off the mileage on my personal taxes?  Also can I depreciate that payment.?  

If this isn't the best setup what should I do?