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I have my own S-Corp - and I'm curious about designating one of my cars as a company car.

I purchased it in March(as a personal car which I used primarily for business). So the Title, etc.. is in my personal name.

I've realized that I have been steering so clear of tax Evasion that I'm missing many legal opportunities to avoid taxes - I think this is one of those 'I've been to cautious' areas.

Is there any way I can get this car into 'company owned status' and how would I make this a tax benefit - can I just submit an expense report to my company for a car? I doubt it - you probably can't just expense its purchase(about 14,000).

If I decide to just sell this privately and get a 'new' company car - is leasing the only way to expense the cost of having the car? If I purchase the car - I can't expense payments - what if I pay cash for it - I guess I'd have to depreciate it.

Please give me some really basic answers if possible - and then point me toward a nice complicated IRS publication for some fun reading.


before you ask - Yes, I have a CPA - I should probably just talk to him - but I prefer in that relationship to go into the conversations with a strong understanding of how things work to make sure he's on the mark - we haven't worked together that long - so I'm still wary.
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