Real quick, my wife owns a S Corp. I’m a minority stakeholder. We gross about $300k a year through it.
We have an RV that we used to use for family trips, but now only use it for the business. We use it when we head to shows and markets. Its an old classic RV, draws a lot of attention, and worth about $25k on comps. Its well over 9000#
Since we are only using it for business purpose, i’d like to depreciate the expense through the business, including ownership.
Can our business “pay” the owner (me), for the vehicle and offset that cost as a depreciating expense? We could always register the vehicle in the name of the business. The additional commercial insurance expense would be strongly offset by the tax reduction
Of course. You can buy an RV. You can be the seller. I think as long as you’re using some objective standard for valuation you won’t have any difficulty. As with any other purchase. I “sold” my flight school a simulator that I had purchased before forming the school.