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?
Our answer considers:
The classic car as a write-off;
How the old law often disallowed classic cars;
How the new law works to your benefit;
What the IRS thinks ... Log in to view full article.