Who finances their Gallardo?
Registered User
Joined: Jul 2003
Posts: 8,579
From: SF Bay Area
Rep Power: 387
Banned
Joined: Aug 2006
Posts: 137
From: Topanga, CA.
Rep Power: 25
I highly doubt the IRS would go for that......
Personally any accountant that lets you do that is giving you bad advice. I would call that a MASSIVE red flag on your return.
My question would be why risk it. It will probably guarantee an audit which may open up a whole other can of worms.
Last edited by kinnsella; Jan 21, 2008 at 02:35 PM.
Banned
Joined: Aug 2006
Posts: 137
From: Topanga, CA.
Rep Power: 25
Your accountant is trying to keep you from being audited.......writing off a Lamborghini is a first class ticket to the front of the audit line.
she said even if I put my logo on the car I cant write anything off... WTF do i need a new accountant?
Banned
Joined: Aug 2006
Posts: 137
From: Topanga, CA.
Rep Power: 25
again you are raising your profile....it's not worth it.
Registered User
Joined: Mar 2007
Posts: 398
From: Millersburg, OH
Rep Power: 38
Ya i thought down that road once and its stupid, cant afford it cash, dont do it. It will bite you in the *** in the long run, at least for me it would, i buy cars to drive the **** out of them, **** i put 22000 miles on my 996 in a matter of 6 months lol... That wouldnt work... 12 years?
Registered User
Joined: Apr 2007
Posts: 1,567
From: San Diego
Rep Power: 125
I have a very aggressive accountant who threads many needles for me. He also has several clients who are celebs and pro athletes, and he has told me that any return that tries to write off yachts, jets or exotic cars is a major red flag. Even if you could get the IRS to buy off on the expense write off, you still end up with an audit. Why risk it?
Registered User
Joined: Mar 2007
Posts: 398
From: Millersburg, OH
Rep Power: 38
Ya isnt that just stupid? its a car... 99% of them depreciate.
Registered User
Joined: Jul 2003
Posts: 15,575
From: Los Angeles, CA
Rep Power: 682
u'd be surprised how many people are doing that. can u say love is blind?
most people don't keep it longer than a year though as far as i know.
most people don't keep it longer than a year though as far as i know.
Registered User
Joined: Jan 2006
Posts: 588
From: Newport Beach, CA
Rep Power: 61
You mean kinda like the Regas guys from Adelphia Cable, flying their Ho's around on their jet and claimed business? Both father and son were sentenced to hard time for tax fraud. Everybody knows to get your Ho's local...never fly them on your jet!
