Re: [taxchat] Business asset financed personally

He can deduct the interest on Schedule C to the extent it is used for the business. 

 

 

From: Michael Clark

Sent: Thursday, December 11, 2008 6:34 PM

To: taxchat@yahoogroups.com

Subject: [taxchat] Business asset financed personally

I have an LLC (sole proprietorship). Taxpayer wants to buy 2 used heavy
duty trucks (Exceeding 6000lb GVW each)to maximize his deduction. He
wants to finance 1 truck under the LLC and 1 truck financed personally.
I assume he can take Sec 179 on each one, BUT can he deduct the
interest paid on the personal truck as a Sch C expense?

__._,_.___

IRS Circular 230 Disclosure: Unless expressly stated otherwise in this transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.

Your email settings: Individual Email|Traditional
Change settings via the Web (Yahoo! ID required)
Change settings via email: Switch delivery to Daily Digest | Switch to Fully Featured
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe

__,_._,___