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Old 09-26-2011, 08:22 AM   #1
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Default Buying a car and writing it off. Is it worth it?

I've decided that the time has come to dump the POS taurus wayside and move onto a better DD for myself. Trying to DD the miata is tough, esp when the weather isn't the best. Not to mention I cant carry **** around with me in it.

So I have a few local dealers on the lookout for me and I hope to purchase one by December. Wanting a '04-'06 Legacy GT Limited with under 100k miles. I'm thinking about getting a black one, tinting it out and getting a vinyl wrap with my logo on the sides of it.

Primarily it will be used for work, going to and from the shop while advertising at the same time. I figure I'll put on less than a few thousand miles a year on it and I'll be the only one driving it (unless she needs to use it for whatever reason).

Is it worth looking into to try and write it off? I still have yet to talk to my accountant about it, but from what I've been reading it seems like a 50/50 deal. Worth it for some, not worth it for others.

What do you guys think? Any of you have personal experience with this?
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Old 09-27-2011, 02:07 PM   #2
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Originally Posted by Vashthestampede View Post
What do you guys think? Any of you have personal experience with this?
No personal experiance, but my first (and only) thought on the matter is that from the IRS's perspective, I'm sure that there'd be nothing suspicious at all about a Miata being claimed as a company car for a heavy construction firm.
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Old 09-27-2011, 10:09 PM   #3
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What are your taxes like? AKA, how much are you making, paying every year, and claiming? That's a large part of it. If you're good about your taxes throughout the year and don't pay much, a car won't help. If you owe $20,000 and can write off half of it with a car, then it's probably worth it for you. That's how I understand it at least.
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