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11 Desember 2008

[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?


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