Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-24-2009, 11:07 AM
Junior Member
 
Join Date: Mar 2009
Location: WI
Posts: 2
scorp purchase a car from shareholder

Hi Tax Guru, GREAT site! Thanks for the clear and concise advice!
I formed my s corp in WI in 4/08, took mileage expense on 1 car for 08 taxes. When looking at total usage, this car is solely used for business. It is a new car and I (the 100% shareholder) am making payments. Your calculator tells me that the s corp owning the car would be a better write off than the mileage rate.
1. Does the scorp need to take out a bank loan to purchase the car or do I just draw up a note and make payments out of the scorp account starting now?
2. Do I need to transfer the title to the scorp, then?
3. Will I write off payments and what form does that go on?
4. Will I also depreciate this asset and what form does that go on?
5. Do I also then track gas, maintenence, taxes, interest from the loan to write off and what form does that go on?
Thanks in advance for your help!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Late election-LLC to Scorp 2008 taxes? Jose263 S-Corporation 0 03-16-2009 05:27 PM
NJ SCORP Tax Return vijayacpa S-Corporation 1 03-15-2009 01:54 PM
SCORP State filings vijayacpa S-Corporation 1 03-09-2009 11:54 PM
Loan to Shareholder/Employee Doctorisin S-Corporation 0 06-16-2008 01:58 PM
Shareholder basis arcteryx S-Corporation 1 11-29-2007 04:52 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.