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Financial Planning / Tax Strategies


Subject:  Car deduction Date:  7/22/2005  6:10 PM
Author:  YouAreNumberSix Number:  80095 of 132807

I'm thinking of buying a new car and ponder the tax implications. I'm a real estate broker, owner of my own firm.

What steps do I need to take in order to make this a legit tax deduction? One idea was to print an ad on the side of the car to serve as a running advertisment.

Do I have to use the car exclusively for business? Can I also use it for private trips?

(If I paint an ad on the side of the car, then one could argue that every trip whatsoever is work related since I'm actively advertising, right?)

Would it be any different if I leased the car?

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