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Updated over 9 years ago on . Most recent reply

User Stats

53
Posts
13
Votes
Hiren Patani
  • Realtor
  • Houston, TX
13
Votes |
53
Posts

Lease or to buy

Hiren Patani
  • Realtor
  • Houston, TX
Posted

Below are my questions whether to buy or lease a car? 

1) Let's say if one buy's a new car under his/her personal name or under company name (driving for business more than 50% but some personal use too), then they can show mileage driven for business and also vehicle depreciation under expenses when filing tax return. Correct?

2) If you are not using your new car for business purpose all the time. Should it be brought under your name or under company's name? What makes more sense?

3) Again, not using the vehicle for business purpose all the time. If you are leasing a car? Should it be under your name or company's name? Also can one show full monthly lease payment as a expenses when filing tax returns?

Thanks !!!

  • Hiren Patani
  • Loading replies...