tiffinboise
New member
- Joined
- Sep 14, 2017
- Posts
- 4
We have a unique opportunity to buy a Tiffan Class A motorhome (2008) at wholesale, it books for $115K and we can buy for $66000. That said we would like to buy this under our business because we legitamately use it for business but also pleasure but don't entertain in it. They typical scenario would be that we would travel to Sun Valley or somewhere on a 4 day trip and since we have a mobile botox business (name includes Mobile Botox) Friday afternoon and Saturday morning my wife will have appointments where she provides medical esthetic services in the motorhome. Sometimes they use credit card, sometimes cash and the amount of patients treated varies. The remainder of the time we are enjoying the city and staying in the motorhome instead of hotel.
So this would be bought and titled in the company name and we expect that we would keep it about 5 years before selling it. We can keep any and all records needed but just want to be able to calculate our true tax savings as we do some cost analysis before we buy this. The Mrs. is not totally on-board yet as we just sold our C Class and the costs were higher than anticipated (go figure) So I guess the questions is in general how much of the $66K can we truly right off and calculate for our total cost of ownership over 5 years. It will be worth $45k when we sell it in 5 years. The accountant is out of town but we will eventually get his take as well.
Appreciate the help.
So this would be bought and titled in the company name and we expect that we would keep it about 5 years before selling it. We can keep any and all records needed but just want to be able to calculate our true tax savings as we do some cost analysis before we buy this. The Mrs. is not totally on-board yet as we just sold our C Class and the costs were higher than anticipated (go figure) So I guess the questions is in general how much of the $66K can we truly right off and calculate for our total cost of ownership over 5 years. It will be worth $45k when we sell it in 5 years. The accountant is out of town but we will eventually get his take as well.
Appreciate the help.