Quick leasing question.

[O-Ace]

Could I purchase a car under my own name, and then lease it to my company? I don't want to be locked into a lease, but still want the benefit of writing off the vehicle expenses.

Thanks,

-Awais

 

[NsXMas]

Why not have the company buy the vehicle?

 

[O-Ace]

Why not have the company buy the vehicle?

I believe there is limit on the price of the vehicle when buying it under the company's name; something like $50K or so. With leasing, the price of the car is not an issue. Pls correct me if I'm wrong.

-Awais

 

[NsXMas]

I believe there is limit on the price of the vehicle when buying it under the company's name; something like $50K or so. With leasing, the price of the car is not an issue. Pls correct me if I'm wrong.

-Awais

Yes there are caps on leasing as well. Talk to your CPA about it if you are serious about it. I used to advise my clients on this long long time ago, but I'm not up to date on the latest regs.

 

[O-Ace]

I plan on calling my CPA later on today; just thought I'd post in case someone already had an answer to this question.

Thanks,

-Awais