I have my MX 60D in Production now and I hope to get the delivery in next ten days by end of Dec. However I am in a dilemma whether to include my LLC name in the title so that I can claim section 179 deduction for heavy SUVs. I am confused with below questions.
-> Will LLC be listed as primary owner on the MX registration ?
-> If we include LLC on registration, should we take a commercial loan? Digital Federal Union bank agent is insisting that if LLC is listed on registration, then they cannot do a regular auto loan for discounted rates. Is this true? Is there any other bank/Credit Union that does regular auto loan with LLC on registration?
-> If we buy through LLC, should we take commercial insurance? My DS confirmed that I can use regular insurance.
-> Apart from section 179 - $25000 (Taxable Income deduction) and $7500 Fed Tax Credit, is there any other depreciation that I can take off in the first year or subsequent years?
-> Will it raise a red flag for IRS if we buy luxury SUV through LLC ? Does this justify for a single person LLC like that of mine? ( I understand that this is a CPA question, but I just want to know thoughts of people who already did this).
I have searched through the forum and found couple of threads on this topic, but I couldnt find answers for my above questions. Would be of immense help if someone who has done this before can share their research/thoughts on above questions.
-> Will LLC be listed as primary owner on the MX registration ?
-> If we include LLC on registration, should we take a commercial loan? Digital Federal Union bank agent is insisting that if LLC is listed on registration, then they cannot do a regular auto loan for discounted rates. Is this true? Is there any other bank/Credit Union that does regular auto loan with LLC on registration?
-> If we buy through LLC, should we take commercial insurance? My DS confirmed that I can use regular insurance.
-> Apart from section 179 - $25000 (Taxable Income deduction) and $7500 Fed Tax Credit, is there any other depreciation that I can take off in the first year or subsequent years?
-> Will it raise a red flag for IRS if we buy luxury SUV through LLC ? Does this justify for a single person LLC like that of mine? ( I understand that this is a CPA question, but I just want to know thoughts of people who already did this).
I have searched through the forum and found couple of threads on this topic, but I couldnt find answers for my above questions. Would be of immense help if someone who has done this before can share their research/thoughts on above questions.