View Single Post
      07-28-2014, 08:02 PM   #3
wakeboarder109
Lieutenant Colonel
wakeboarder109's Avatar
United_States
167
Rep
1,734
Posts

Drives: in High Country
Join Date: Jul 2008
Location: RVA

iTrader: (3)

Quote:
Originally Posted by persian54 View Post
Depends how much you plan to drive.

But leasing it allows you to write the entire payment off, while owning it allows for depreciation and mileage write offs (accountants please chime in)
I'm currently driving around 20k miles/year so I would say that's a safe estimate. I was initially thinking the lease would be the way to go but it looks like purchasing under Section 179 could give some substantial deductions (i.e. $25,000 for the first year).

For any of the accountants out there, is there a worksheet or formula for this? I've been looking but haven't found one yet.
Appreciate 0