Question

I enjoy your articles 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 classic car versus a new car as a business-use vehicle. Let’s say, a 1972 Pontiac GTO versus a 2026 Lexus IS.

Answer

Good question!

Our answer considers

the classic or antique 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 of this;

why the term “recovery property” makes this possible;

how you are shielded from an IRS attack; and

how the classic car shows you the money.

Classic or Antique Car as a Write-off

To deduct the classic or antique car,1

the car must be of a type that’s ... Log in to view full article.