U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Economics > Business
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-17-2019, 05:00 PM
 
11 posts, read 4,885 times
Reputation: 15

Advertisements

I am a small electrical contractor, my van is owned by me personally, not the company. I do this so I can park itin my parking spot at the condo that I own, which does not allow commercial plates. I spoke to my accountant and he said that he can use the same deductions for my vehicle whether it’s in my name or the company.

I am just wondering what other issues if any can arise from me having the van in my own name instead of the company name.
Reply With Quote Quick reply to this message

 
Old 06-17-2019, 05:41 PM
 
1,341 posts, read 1,236,535 times
Reputation: 1853
As I understand it, you can deduct mileage per the IRS guidelines on your personal vehicle for business purposes, excluding commute to home to office. Registering the vehicle to your business would allow you to deduct the cost of the vehicle as a depreciating asset (~$32K new or $18.5K used) over the course of 5 years. If you use the vehicle for personal use, you are to take deductions based on the proportion you use it for business.
Reply With Quote Quick reply to this message
 
Old 06-20-2019, 08:12 AM
 
Location: North Idaho
24,769 posts, read 32,491,925 times
Reputation: 50370
Just keep a vehicle log.
Reply With Quote Quick reply to this message
 
Old 06-20-2019, 09:15 PM
 
7,025 posts, read 3,170,575 times
Reputation: 21292
Do you have a corporation such as an LLC? If so, then I'd run it through that, while carefully following the IRS' rules on using a business vehicle for personal uses.
Reply With Quote Quick reply to this message
 
Old 06-21-2019, 08:45 AM
 
5,160 posts, read 3,438,330 times
Reputation: 10502
Don't overcomplicate this, the accountant is correct. OP can use his personal vehicle for his business and deduct mileage. We have done it for decades, we have also been audited and the IRS agreed that using a personal vehicle is fine.
Reply With Quote Quick reply to this message
 
Old 06-22-2019, 06:13 PM
 
11 posts, read 4,885 times
Reputation: 15
Quote:
Originally Posted by MinivanDriver View Post
Do you have a corporation such as an LLC? If so, then I'd run it through that, while carefully following the IRS' rules on using a business vehicle for personal uses.
Did you read my post?
Reply With Quote Quick reply to this message
 
Old 06-22-2019, 09:56 PM
 
7,908 posts, read 3,445,469 times
Reputation: 7106
Quote:
Originally Posted by streamerz View Post
Did you read my post?
You said you have a “company.” That doesn’t answer minivandriver’s question.
Reply With Quote Quick reply to this message
 
Old 06-23-2019, 04:57 PM
 
11 posts, read 4,885 times
Reputation: 15
Quote:
Originally Posted by TaxPhd View Post
You said you have a “company.” That doesn’t answer minivandriver’s question.
Her question doesn’t matter. If either of you read my post you would see that I can’t put the truck in the company name because I can’t have commercial plates.

My question was very clear.
Reply With Quote Quick reply to this message
 
Old 06-23-2019, 11:17 PM
 
10,648 posts, read 14,180,204 times
Reputation: 16305
Quote:
Originally Posted by streamerz View Post
Her question doesn’t matter. If either of you read my post you would see that I can’t put the truck in the company name because I can’t have commercial plates.

My question was very clear.
Actually, it's a legitimate questions as your accountant kinda glossed it over and left out some information unless you just rephrased it wrong. How you take deductions differs based on being a company owned or personal owned vehicle, so, the deductions are not really the same.

As for the registration, depending on the state, you may be able to get standard vehicle plates on company owned vehicles. My employees don't have commercial plates on company vehicles even though they are owned and registered under the company's name.
Reply With Quote Quick reply to this message
 
Old 06-24-2019, 02:42 PM
 
11 posts, read 4,885 times
Reputation: 15
Quote:
Originally Posted by Rabrrita View Post
Actually, it's a legitimate questions as your accountant kinda glossed it over and left out some information unless you just rephrased it wrong. How you take deductions differs based on being a company owned or personal owned vehicle, so, the deductions are not really the same.

As for the registration, depending on the state, you may be able to get standard vehicle plates on company owned vehicles. My employees don't have commercial plates on company vehicles even though they are owned and registered under the company's name.
You are talking about things that do not matter. I can't have the vehicle in my company name, I have to own it personally, that is all there is to it.

My question is if there are other issues, I did not ask people to second guess the facts that I already know.

I find it odd that anytime someone asks a question here, most of the replies are filled with people trying to show everyone how smart they are, instead of actually just answering the question.

Apparently you know more than my accountant, so I will PM you his number so you can impress him with your knowledge. But I did not ask about that here, I am still asking about OTHER issues (such as liability, insurance, etc.)
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Business
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top