Lease or Buy
#1
Lease or Buy
Ordered the wife a Turbo couple weeks ago. Going to be a company car. She wants to trade every three years. I am not up to speed on lease of a car. Actually never leased one before. We are switching company over from C Corp to a S Corp. Sales tax in Tn is 9.25% would I be better off with a lease over purchase ??? What can you write off with a lease. Not sure if you can use accle. Dep on a Cayenne I think the gross weight rating has to be 6k lbs to do that?
At this time she drives about 28 k per year but that is due mainly to 60 mile round trip to work. We bought new building that will make the drive only 9 miles. With that said I think 18- 20 k will be her avg miles. She use to car pool kids to school that added additional 200 miles a week but with three kids now driving that will drop miles down more also.
What would you do????
At this time she drives about 28 k per year but that is due mainly to 60 mile round trip to work. We bought new building that will make the drive only 9 miles. With that said I think 18- 20 k will be her avg miles. She use to car pool kids to school that added additional 200 miles a week but with three kids now driving that will drop miles down more also.
What would you do????
#2
My understanding is that if you use the car in business (not just commuting) the amount you can write off is significantly more under a lease than a purchase. This applies to high dollar cars where payments exceed what you can w/o on a purchase. Hopefully someone who knows the details can elaborate on the specifics.
#3
My understanding is that if you use the car in business (not just commuting) the amount you can write off is significantly more under a lease than a purchase. This applies to high dollar cars where payments exceed what you can w/o on a purchase. Hopefully someone who knows the details can elaborate on the specifics.
Thanks Bill guess I will have to call accountant to be sure but those dudes charge for every phone call . Guess you get what you pay for
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