Sporty Leasing vehicle options

[Todd Black 88]

I don't know anything about US Tax laws, but I am sure they are somewhat similar to ours, up here in the hat.
Up here, the vehicle must be being used for buisness use to be eligible for tax breaks.

My wife writes off her car every year, because she is required to have a vehicle for her employment. She gets mileage payed to her to cover this, but, since she pays tax on that income it allows her to write of the car, and it's expenses. On a new car purchase, we can write off a 30k vehicle at a rate of 15% the first year, 30% of the depreciated asset the second year, and 15% for he next 3 years (on the depreciated asset value). But.... Once you have depreciated he asset down that low, you must watch what you sell it for, because if you sell it for more then the depreciated value on your taxes, you pay capital gains tax on the profit.

Check into your daycare laws, because the daycare my son goes to writes off one large van because they are required to have an emergency type vehicle........just in case.

[ajhostetter]

Well this thread just got lame. That said, talk the accountant. If you can justify it, I'd look at Audis. They're awesome...when you don't own them.

[Todd Black 88]

On a lease, we can write off up to $600 per month, and 30k on the buy out, but you only get the dollar value of your tax bracket. Ie: If your in a 50% tax bracket, you get $300 back.

[IronFreak]

I don't know anything about US Tax laws, but I am sure they are somewhat similar to ours, up here in the hat.
Up here, the vehicle must be being used for buisness use to be eligible for tax breaks.

My wife writes off her car every year, because she is required to have a vehicle for her employment. She gets mileage payed to her to cover this, but, since she pays tax on that income it allows her to write of the car, and it's expenses. On a new car purchase, we can write off a 30k vehicle at a rate of 15% the first year, 30% of the depreciated asset the second year, and 15% for he next 3 years (on the depreciated asset value). But.... Once you have depreciated he asset down that low, you must watch what you sell it for, because if you sell it for more then the depreciated value on your taxes, you pay capital gains tax on the profit.

Check into your daycare laws, because the daycare my son goes to writes off one large van because they are required to have an emergency type vehicle........just in case.

Loop holes.....I love it! I'll look into that.

[z31maniac]

Loop holes.....I love it! I'll look into that.

I'd imagine there is a clause about how many kids you have vs the capacity of an emergency vehicle.

In other words, if she watches 5 kids, that could be hard to justify a BRZ.