Ask Experts Questions for FREE Help !
Ask
    gsnwllc's Avatar
    gsnwllc Posts: 3, Reputation: 1
    New Member
     
    #1

    Mar 19, 2007, 10:31 AM
    Vehicle lease vs. buy
    I know this is an age old question. I am a single person LLC commission sales that has always leased a CAR (no trucks) every 2 years. My accountant strongly advises this as all of the expenses are deductible. He says that not only is it clean and easy, but financially it make sense.

    I have received some other opinions lately that argue the fact that with 0% financing out there, it is better to buy and depreciate the vehicle.

    I'd appreciate all opinions on this subject! THANKS!
    ATYOURSERVICE's Avatar
    ATYOURSERVICE Posts: 246, Reputation: 13
    Full Member
     
    #2

    Mar 19, 2007, 10:48 AM
    Your accountant is correct. You can use write off for leases if you are a business or for business purposes. If you purchase and drive a lot you can use milage and some repair expenses for the car as a business expense. Ask your tax preparer which one would be better for you.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Apartment Lease Buy-Out in NYC [ 2 Answers ]

The building that I now live in has just recently been sold. (New York City location) The management of the new owners has approached me for a meeting to discuss a possible buy-out of my existing lease. I still have 1 year left on my lease, paying rent that is well below the market rate. ...

Breaking a lease to buy a home [ 3 Answers ]

Can I break a lease if I am buying a home without being penalized?

Lease or buy a new car [ 3 Answers ]

I am retired. I drive a 2000 Jaguar. In a couple of years I want to get a new jaguar.Would I be more prudent to lease a new Jaguar or buy one? I drive about 12,000miles a year. Thank you very much.

Can I break my lease to buy a house? [ 3 Answers ]

I have been trying to research online and I'm not getting anywhere. I live in Iowa, and my lease automatically renewed May 1 for another year because I didn't give 62 days notice. I unexpectedly was able to buy a house, which was not something I thought I would be able to do. Now my landlord is...

Corporate Vehicle Lease. Please Help! [ 3 Answers ]

Hello, If Anyone Can Help It Would Be Much Appreciated. Location Is New York. I Would Like To Know If A Vehicle That Is Leased By A Corporation Of Which I Am The Owner, Can Be Registered To Me And Insured To Me And Still Be Used As A Tax Write Off On My Personl Return (schedule E) At The End Of...


View more questions Search