I'm trying to get set up correctly with my real estate investment business and I have a question.
I just got my GA RE sales license in June, and I just formed my LLC in April so I can flip houses and grow my business credit (personal credit is shot), and for tax benefits. I intend to use my car mostly for business purposes. Should I put my car in my LLC name and get business auto insurance? Or do you keep your car in your personal name?
What is the best way to deduct mileage and auto expenses?
Thanks for your advice!
why would you put your car in the LLC. You can deduct actual expenses for the vehicle when used for business or just use the IRS standard mileage Deduction if you keep track of your miles.
agreed.. the only time we did that was when I had business in Oregon and CA. NO sales tax in OREgon so buy a 50k car and save 8% right off the get go as opposed to buying same car in CA. Also license it for 4 years for 120 bucks.. CA would be 2 to 4 k.
@Jay Heinrichs. That would be awesome to avoid having to pay all that tax. I remember reading somewhere where people where able to buy really big SUVS and right them off somehow. The bigger the better I guess it was because the vehicle had to be above a certain Gross vehicle weight I believe.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing