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I would put it in your name if you are going to be using it for personal reasons at all... To be honest, it really doesn't matter that much for tax purposes what you do here, unless you have a corporate election in place, given a single member LLC. Schedule C taxpayers get to claim the mileage at around 50 cents a mile or actual costs with actual costs being allocated to business use of the car (ie, not personal).
No. (not income... you file on a 1040, and not an 1120S, correct?)
No. (you can take mileage or actual expenses if filing on Schedule C of a 1040)
It doesn't matter who pays for the insurance.
You're just complicating this to the hilt, actually...
Relating to the company purchasing the vehicle, I thought that if they bought it for me (in my name), then this would be considered a "guarenteed payment" against the profits of the LLC and it would in fact pass through to me to report on my 1040 as income?
And I am not trying to complicate matters, I just need correct answers to help me.
And if the LLC purchased the insurance, wouldn't they write off the amount as an expense and I couldn't do that? Thanks.
An LLC is not a regarded entity for tax purposes, but a disregarded entity. The IRS could care less if you have an LLC, save for trying to collect on payroll taxes in the LLC name and not yours, or if you use it to elect corporate status, etc.
Your expenses, for a sole proprietorship, which is all an LLC is to the IRS without a partner (then it's a partnership), are going to get deducted the same ol' way regardless...
Let this sink in (trying to prove a point): "IT DOESN'T MATTER!" Relax.