WernerE

usctrojanGT3

They took a much harder look at my commission rebates and they did with my vehicle depreciation and expenses. Sure helped to have good record keeping.

Hothonda

Most CPA's would suggest you're better off w/a new CPA.....

________________________

2015 991 TT

joejenie

Best thing to tell the IRS is you need that big wing as a desk to sign contracts and eat lunch while you are out and about.

usctrojanGT3

Great idea, both of which I have done with my 997.2RS. haha

jspec997

20k in tax UP FRONT on a purchase, cash or financing.

The reason peeps lease is they do not keep the car more than two years.

While some agree to disagree..... Business owners still write this car off.

joejenie

So I checked on this lease vs. buy stuff with my SA. The payment on the lease was $1,100 a month more than a 5 year loan/buy. Lease was a 3 year 5k miles per year. I think I'll stick to buying. Made absolutely no sense.

Alan Smithee

Do you have a link to the tax code specifying this? Honestly curious. I have looked and cannot find anything stipulating requirements of an otherwise qualifying 'company' lease vehicle.

Aparsh

I spoke with both my tax guy and my financial adviser about writing off a sports car as a business expense at length. They both 100% agreed that it's the first thing the IRS is looking for. Even if i was using the car for a youtube channel and/or renting the car out on turo, they still thought it would only cause trouble for me. Apparently a lot of people are still doing this though.

Aparsh

When you say SA do you mean sales adviser?
Yeah it makes absolutely no sense to lease a porsche 911 with PFS, their rates are TERRIBLE.
Terrible Money Factor and Terrible residual.
Residual is one thing, at least you get that back later when you sell the car instead of turn it back in.
But Money factors that are 8-10% when translated into an interest rate are absurd.
That's why i used Amazon Leasing.

joejenie

Yes, Sales adviser. He ran it though finance I'm assuming. The money factor was terrible (I can't remember exactly, but close to 10%). In my case, buying makes more sense because I have trade ins that cover the sales tax. On top of that, I'm not willing to try and write it off as my company car.

Amazon only leases in California currently.

Aparsh

Amazon does lease in other states too - just talked to Josh from Amazon leasing about that last night.

carz80am

Here's amazon leasing on a gt3rs https://www.amazonleasing.com/auto-d...sche%20%20-911

Alan Smithee

Wondering what they based this on, as I cannot find specific IRS rules for what constitutes an acceptable company lease vehicle. Especially if it is 3rd party leasing company like Amazon, to my knowledge the IRS would not know what brand or type of vehicle is being leased. If adding a GT3RS lease throws total company expenses into a grey area, I definitely understand being advised against it. But the brand or type of car itself triggering an audit? Again, genuinely curious.

sjgreco

Whats the residual at the end of the lease, it can have an impact on payments. With the large up front down payment and approximately $65,000 in payments I would expect the residual, (the amount you owe at the end of the lease) to be favorable. With your down payment (cap reduction) and schedule payments you might be able to do a one pay lease. All payments made at drive off and either return or buy the car at expiration.