Bradford Tax Institute
Article Date:
December 2012


Word Count:
1152

 

 

Tax Deduction for Classic Car Used in Business


Question

 

I enjoyed your article on the dollars-and-cents aspects of buying antique furniture for use in a business.

 

It would be interesting if you could give an example of, say, buying an antique or a classic car versus a new car as a business-use vehicle. Let’s say, a 1972 Pontiac GTO versus a new Lexus GS.

 

Obviously, the depreciation schedule is lower with a used car, but it would be interesting to see how the numbers work out. Also, would the IRS sit still for this type of business vehicle purchase?

 

Answer

 

Good question!

 

Our answer considers:

 

1.

The classic car as a write-off;

2.

How the old law often disallowed classic cars;

3.

How the new law works to your benefit;

4.

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