I’ve seen conflicting info on this in a few threads. I have a sole proprietor LLC, I drive a lot for work and almost all my driving is for this purpose in my vehicle. My business is new (<1 year old) and my personal credit is stronger. I have significant profit for the year and learned about section 179 and bonus depreciation. I am planning to purchase a lot of equipment for my business, but also am purchasing a new vehicle this year.

Regarding the vehicle, can I purchase a vehicle in my name (rather in the name of my LLC) and still claim section 179 and bonus depreciation (provided I meet the requirements for business use)?

  • cfmistry85@alien.topBEnglish
    1·
    10 months ago

    Per my accountant it is fine if it is in a personal name and also under personal auto insurance.

    • HotRodHomebody@alien.topBEnglish
      1·
      10 months ago

      have purchased a couple of vehicles over the years in my name and consider them 100% business expense/asset, put them on my own insurance, and benefited greatly. No issues at all. CPA is fine with it. Big tax advantage too.