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Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 124931  
Subject: Re: Write off interest on car loan for business? Date: 1/25/2005 12:56 PM
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Can I write off the interest paid on a car loan, if I am a sole proprietorship and use the vehicle for business?

Yes. It will have to be prorated for the percentage of time you use the car for business, but it is a perfectly fine deduction on your schedule C.

(The incorporating may not be done for 6 months.)

I trust that this is at your choosing. The process of forming a corporation is pretty trivial. It can get done in a day - sometimes on the same day if your willing to pay the "rush" fees. All of the extraneous stuff to get your corporation up and running can take another day or two. But there is no reason I can think of for it to take 6 months.

Unless, of course, you are choosing to wait 6 months for some reason.

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