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CEO, CPA
CEO, CPA, Certified Public Accountant (CPA)
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Can you write off the purchase of a used automobile for your

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Can you write off the purchase of a used automobile for your business? I have a dealership license so the car is representative of that and I'm considering registering it under the LLC vs. my individual name if it would be of benefit? Thanks!
Submitted: 5 years ago.
Category: Finance
Expert:  CEO, CPA replied 5 years ago.

CEO, CPA :

JACUSTOMER-9okqw6qm, the IRS code allows you to depreciate the vehicle (even when used). However, you may be limited by listed property rules as to the amount of depreciation. Usually, a automobile has a life expectancy of 5 years (per IRS Regulation). A normal asset would depreciate over the 5 years for the entire amount paid for the asset. However, cars are limited to a much lesser amount. Look at the following publication for more information as it relates to your question: http://www.irs.gov/app/picklist/list/publicationsNoticesPdf.html?value=946&criteria=formNumber&submitSearch=Find If you have any questions, please do not hesitate to contact me. Thank you, XXXXX XXXXX

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