Quote:
Originally posted by Moses
Here's what a friend does;
Lease a very expensive car. (His last car was $88,000) He negotiates a very short term-high mileage lease. His payments are very high, the residual value (agreed upon) is very low. He actually put very few miles on the car.
His lease payments are a direct write-off. (small business). At the end of his three year lease he buys the car for $40,000 and sells it for $60,000 and does it again.
It can be a cheap way to drive a nice car.
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I see your point, but my problem is that I cannot write off the car since I do not own a small business.
And IIRC, that loophole is getting smaller and smaller as the government is realizing folks are doing this.