2019 GT3 RS Leasing - Anyone have experience in this? Money Factor?
#106
I'm my own tax guy, I'm a CPA/MBA realtor remember? I'm not your typical realtor and my clients love that. All I have are GT cars and a Prius (designated as the personal car) so I can easily make the argument that one of my GT cars is used over 50% for realtor duties.
And one thing I’ve learned over the years, IRS will look underneath your fingernails for more examples of this kind of thing. It’s not worth it.
#107
Sorry, writing off a GT3 lease payment won’t fly under “ordinary and necessary” business expense under audit (at least for a realtor). What are you going to argue, that your clients sign purchase and sign agreements easier with a lot of adrenaline pumped in them from a fast ride?”
And one thing I’ve learned over the years, IRS will look underneath your fingernails for more examples of this kind of thing. It’s not worth it.
#109
Rennlist Member
Sorry, writing off a GT3 lease payment won’t fly under “ordinary and necessary” business expense under audit (at least for a realtor). What are you going to argue, that your clients sign purchase and sign agreements easier with a lot of adrenaline pumped in them from a fast ride?”
And one thing I’ve learned over the years, IRS will look underneath your fingernails for more examples of this kind of thing. It’s not worth it.
#110
#111
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.
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.
#112
Rennlist Member
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.
#113
Rennlist Member
#114
Intermediate
Thread Starter
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.
#115
Intermediate
Thread Starter
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.
#116
Rennlist Member
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.
Amazon only leases in California currently.
#117
Intermediate
Thread Starter
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.
Amazon only leases in California currently.
#118
#119
Rennlist Member
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.
#120
For anyone landing on this thread with a similar situation, this information is VERY interesting.
With $100k down PFS was at $1800/mo 36mo 5k/year.
Amazon is $50k down $1650/mo 36mo 5k/year.
Amazon is very good. Literally 3 different people recommended them to me today, including my Porsche dealership.
With $100k down PFS was at $1800/mo 36mo 5k/year.
Amazon is $50k down $1650/mo 36mo 5k/year.
Amazon is very good. Literally 3 different people recommended them to me today, including my Porsche dealership.