qbteachmt
Level 15
7 hours ago
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"it must be in the name of the business."
A sole proprietor is their own business. The business is not a separate entity.
"in order to have this as an asset of the business and depreciate the vehicle"
A Sole Proprietorship can use mileage allowance as expense or actuals.
What your taxpayer does is track the business use = keep a log. They also should have adequate insurance coverage for the employee to be driving this vehicle. It's technically still a private vehicle. It's not a specialty vehicle. The employee is taxed through payroll on any personal use, by the way.
As for if that specific model and year qualifies, the price limits, etc, you can look it up at the IRS. Don't take the salesman's word for anything.
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