Hi, I am looking to buy a vehicle that would be titled as Buy-back/Lemon vehicle. It has a steep discount with minor defect that has been addressed. Can I write off this vehicle on business taxes if I pay in full and register it on my business which is registered as S-Corp. Thanks in advance.
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You can deduct your business use of the vehicle subject to the same limitations as any other vehicle.
Business use of a vehicle belonging to an S-Corp may be deducted on an S-Corp return.
Thanks, Robert.
Just to be sure, the vehicle title wouldn't affect my write off. correct?
Correct
WHAT IF YOU ARE A SUB CONTRACTOR USING MY SS # AND ARE SELF EMPLOYED
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