I reserved under my name, but purchased under my business name without any issues, but I have small consulting business and am the sole owner operating as an LLC. I drive almost 50,000 miles a year for the business, so hoping to get 3 years out of it.
Not an accountant but you could have the mileage log, submit that to the business for reimbursement and the business would write you a check for the standard mileage rate of 62.5 cents per mile. Then that reimbursement expense would be part of business expenses and in the business records. Check with your accountant.
Many people do forget this aspect. My wife totaled a car a few years ago that we had taken a large portion of the section 179 deduction on followed by depreciation the following years. It was replaced with a new vehicle again for business, taking a portion of the 179 deduction but also had to recapture the deduction from the totaled vehicle, or some of it since it was greater than the normal total depreciation calculation accumulated to date. It ends up being a wash generally since we got a replacement vehicle and continue to be self employed. Different if you took a vehicle out of service of the business. In essence some was added back as income but the new 179 deduction from the new vehicle negated that.
Which link?
That's good to know. I was under the impression the dealers were being sticklers on name matching between orders and purchases given the incentive structure.
id hope that a similar logic would apply to someone buying in their name but for and under their signature authority of the company?
Correct. And if you do not have enough profit to offset the full purchase price, I understand that you can carryover the additional credit to the next year. Consult your CPA/Tax Advisor however because everyone's situation is different.
