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Discussion Starter · #1 ·
Hey everyone dont forget that Bonus depreciation is still in effect this year. Any qualifying vehicles, machinery or equipment can be written off 100% this year. If you make a million and spend a million , you owe nothing. All bonus depreciation lowers you business income by the amount of the expenditure regardless of if you finance it. My equipment salesman loves me this time of year. I start thinking about paying Uncle Sam 37% and plus medicare which puts it up to almost 39% . There are a lot of purchases that make sense with a 40% discount. I am still trying to figure out how to write off the Lambos and not get audited. Maybe starting a lambo salvage business would do it. Good luck everyone. Give some of the extra money you save to someone in real need. Might change their life. Lee
 

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Discussion Starter · #4 ·
If you buy the cars as a dealer they are inventory and cannot be written off. You must buy equipment , machinery etc for use in the business to write off 100%. Test mule idea I dont think would pass an audit .
 

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2021 Huracan EVO RWD Spyder Verde Themis
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Reddest flag for the IRS ever. Personally I wouldn’t go near it.
Ive been trying figure a way without red flags and I keep coming up empty.

Lee, thanks for the reminder on the bonus depreciation.
 

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Discussion Starter · #9 ·
No reason to give any extra to Uncle Sam. I have been trying for a while to figure out a legit way. I am looking into a car museum. Buy a whole collection and write them off> I am afraid the bonus rules will not work. Maybe one of our CPA members would know the rules.
 

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2021 Huracan EVO RWD Spyder Verde Themis
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Audit would probably cost half a car
It looks like another PPP is in the works for companies that show a 25% reduction in revenues.
 

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Gentlemen, I have >16K in sales tax for the Lamborghini in 2020 is that a possible tax deduction that is outside of the realm of barely perceptible? I live in Texas without a state tax.
 

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State sales tax in another state you do not do business in?
I paid California sales tax on the Mac. It’s a total financial loss as I do not drive in the California road, do not school kids in California, do not participate in anything Californian. I’m glad I contributed to the betterment of their bankruptcy and corruption
 

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Discussion Starter · #18 ·
Already looked at that. If you buy inventory for rental it is not deductible at 100%. It goes through a regular depreciation cycle.Also too much liability for my taste. In my experience, general liability insurers do everything they can not to pay claims.I would guess that lawsuits and exotic rentals come hand in hand. Sales tax is a deductible expense, i just dont know how vehicles play into that. I will check that out as well since my Murcie will create a pretty large deduction as well.
 
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