DannieK

It appears that our Tweetmeiser general; the honorable Donald J. Trump will get his overhauled tax bill reform approved any day (maybe it already has...I missed the news today). What I don't understand is what, if anything are the possible tax implications under the new bill of purchasing an expensive car under an LLC?. I guess I'm asking is what, if any changes, are an advantage, or disadvantage (if left unchanged) of owning a car registered under an LLC. What if the car is registered under your own name? And would it look slightly askew purchasing a GT3 under an LLC if it has to do with "toy cars"?

I've also read that the individual state tax incentives will be eliminated for all 100% EV's like the Mission E for all 50 states. To balance this loss is anyone aware of other deductible categories where owning our vehicles could compensate? Or is that illogical. And are there other areas of the bill, who the "more informed" Rennlister's might know about which could affect the tax incurred by owning an expensive automobile?

What impact could all this have on middle to upper middle class property owners once property tax is no longer a deduction? Our local city tax for 2018 will increase from our current $15K to we'll over $20K .....and none of it'll be deductible. My GT3 will show up sometime this Spring. What do you think would be the most practical (and least noticeable) way to title it in view of Trumps tax bill; to lease, finance, or buy. I planned on buying it outright....but, maybe that's not the best way...I just don't know. Please forgive me. I'm not looking to have all these questions answered. Just your general opinion would work. I'm not an accountant and I'm trying to express myself the best way I can.

For example, I have my own LLC. For years car payments for business vehicles were deductible. As far as I know this will continue; but is it an advantage for all sales to be funneled through the LLC (e.g. sometimes I'll accept a business check made out to me personally). Just to be sure I'm checking with my broker, tax advisor, lawyer and accountant. I'm not in California so I can't lease and quickly sell to postpone the tax.

.....also had to share this illustration from the Jan-Feb 2018 issue of Mad Magazine!

Oldmxnut

I think you should buy a GT3 (or RS) in Australia. Ill provide the spec for you so no stress there. Then claim the tax your paid over here (about 50%) back against you income in the USA and sell the car to me sans tax with a small margin for yourself. We can both win

Mark in Baltimore

No politics in the tech forums. This thread is closed.