I'm still liquid for 100k smartass
- Thread starter Vettethret
- Start date
Sharkey
Word Ninja
Clearly you don't get it. I'll try to type slower and use simple math and numbers. Let's say the stock Jeep lease payment is $100 and you write off 75%. You get a $75 tax benefit.
Now let's say the modded out Jeep lease payment is $200 (again, because you had the mods built into your lease payment). If you write off 75%, you get a tax benefit of $150.
In scenario two, you are getting a tax benefit for mods that have nothing to do with your defunct mortgage company.
On top of that, you apparently intend to use a company that is no longer a going concern for the sole purpose of claiming a bullshit deduction on a vehicle that can't possibly be a necessity for that defunct company.
You seriously see no problem with what you are doing? Everyone has a different moral compass. I guess our respective "true Norths" point to different places.
Cliques? That's funny. If you knew me at all you would know that I am an equal opportunity asshole who calls it like I see it regardless of who you are. Have I lost some friends and made some enemies along the way because of it? Sure. Do I care? Not one effing bit.
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Vettethret
Member
So I'm leasing a lifted Jeep for the sole purpose of dodging the IRS on a small deduction?
I cant do coil overs with all the supporting mods and wheels/tires for less than 15k. I have seen the dealers estimate and its no more than what any of the local shops would charge. I get a new car every 2 years, which is why I have leased most cars in the past. I walk away from the car after the 2-3 years and get a new one. If I was the type that kept my cars for 5+ years, I would never lease.
I am specifically leasing the Jeep so I don't have to shell out a ton of money to buy/mod it. I can put 5k down, have a payment of $740, and have a very capable Jeep thats 90% done and the way I like it. Since the Mods on the Jeep belong to the leasing company, I don't have to worry about stripping it or selling it, I simply turn it in and walk away and go buy a new one. I sold my GC so I am car less and have to buy something. Whether I can deduct it or not, Tell me why this is such a bad idea?
Vettethret
Member
Since you have actually broken it down, yes, I do see it now. So, I can still deduct it, but only at the lease payment that does not include the mods (Not sure how the CPA would differentiate that payment). Whether I can deduct it or not, The fact that I can residualize the mods and keep 15k in my pocket, that is what the benefit for me is. Now that I actually understand what you were trying to tell me, I will make sure my CPA knows this, thanks!
Vettethret
Member
I actually threw out the 5k to them so I could keep the payment reasonable, I will ask if zero down is possible since were financing the extra mods.
Vettethret
Member
$740 is a very affordable payment for me. I typically have two cars and 1 race bike at any given time, I've sold all of them so my payments are going down dramatically. Ive been a broker for 18 years and have always had a small company. I get referrals monthly from Realtors ect so I will still do Mortgages. I am trying to get my income back up to what it was so i'm now looking for something as my main job. The Treasury has gotten very ugly and the Fed will raise rates shortly. I am anticipating a drop in referrals on both the purchase and refi sides. I need an SUV for my dogs, and the Jeep is one of the most affordable mid size SUV's. Hence, the Jeep or a 4runner.
Stalter08Rubi
Member
I dont see why you are putting all this money into a Jeep you plan on getting rid of in 2 years, if you can afford 740 a month for a lease why don't you just buy one to turn into a BA wheeling rig and lease something less expensive for your business? It seems kinda pointless to dump tons of money into a vehicle and getting it to where it is yours just to get rid of it in 2 years... just my:twocents:
JAGS
Hooked
Way too much going on in this post/thread. Why not just go with a 4" enforcer with king 2.5s, king bumps stops, gen right carrier, your wheel/tires, and be done. Well in budget and much better mall crawler and trail capable than the TF or RK.
As for the financing, whatever, I think you're missing the point and reasons for all the posts thus far. It's just super shady because I don't know how it is possible to use the vehicle for the sole purpose of a business no longer in operation. Second, even if your business was still open, you can't simply write off 100% of it....ever...if you plan to use it as also your personal vehicle. That's just tax law and your CPA is giving you bad counsel.
- Jason
MTG
Caught the Bug
So the woe is me stuff at the beginning of this thread and the stuff about your wife losing her $100k+ income was just superfluous information?
I'm pretty sure I remember you from another forum and your bitching about various things that went wrong with your previous jeep build.
Honestly you don't seem like a guy who is easily satisfied. Maybe you should just wait until you can afford another $20k+ build?
Vettethret
Member
CanadianJK
New member
Actual advice at the bottom, rant first :thumb:
FWIW, I think you're selling the group short. There are a lot of guys here that go out of their way to help anyone who asks. Your initial post was really difficult to follow, and there are a lot of guys on here that hold integrity as a top value. When you ask for opinions, but in the next breath say you are going with a very specific plan you really aren't asking for opinions. The crowd that you should be more aware of are hard working individuals that resent people cheating. Whether your intent was to cheat, or it was just (no offence) ignorance, is irrelevant, you managed to ruffle some feathers.
^Yes I apologize in the middle of statements, I'm Canadian, sorry!
The best advice that was offered was to save yourself a great deal of $ and not let the dealer mod the rig, I cannot imagine a payment of $740/mo :shock:
Furthermore, once you started interacting with some of the "clique" I think they offered some good advice:
If your CPA is worth their pay check you will see something where the value of the vehicle before mods etc is broken down into a revised payment (let's say $600) then your actual business use of the vehicle = 5,000 miles/year out of 15,000 miles will be represented as a fraction of annual mileage (will need to be proven if the taxman asks!) = $200/month in claimable lease payment. ***This is obviously just speculation, and I'm not a CPA.
Anyone can claim a vehicle - that's why governments pay attention to details. Leases are easiest for small businesses, if you buy you can claim a % of the total value in the first year as depreciation - most people can't take advantage of the full amount because there's a maximum you can claim.
Kudos to Tigrcky for attempting to deescalate. - let's keep it positive
My 0.02 - You want coil overs, and have 12.5 to get them, cut out the dealer, and get the COs after the purchase. you already talked them down 4k, keep your 5k, add your reduced payments and a few months buys parts.
Good Luck.
FWIW, I think you're selling the group short. There are a lot of guys here that go out of their way to help anyone who asks. Your initial post was really difficult to follow, and there are a lot of guys on here that hold integrity as a top value. When you ask for opinions, but in the next breath say you are going with a very specific plan you really aren't asking for opinions. The crowd that you should be more aware of are hard working individuals that resent people cheating. Whether your intent was to cheat, or it was just (no offence) ignorance, is irrelevant, you managed to ruffle some feathers.
^Yes I apologize in the middle of statements, I'm Canadian, sorry!
The best advice that was offered was to save yourself a great deal of $ and not let the dealer mod the rig, I cannot imagine a payment of $740/mo :shock:
Furthermore, once you started interacting with some of the "clique" I think they offered some good advice:
If your CPA is worth their pay check you will see something where the value of the vehicle before mods etc is broken down into a revised payment (let's say $600) then your actual business use of the vehicle = 5,000 miles/year out of 15,000 miles will be represented as a fraction of annual mileage (will need to be proven if the taxman asks!) = $200/month in claimable lease payment. ***This is obviously just speculation, and I'm not a CPA.
Anyone can claim a vehicle - that's why governments pay attention to details. Leases are easiest for small businesses, if you buy you can claim a % of the total value in the first year as depreciation - most people can't take advantage of the full amount because there's a maximum you can claim.
Kudos to Tigrcky for attempting to deescalate. - let's keep it positive
My 0.02 - You want coil overs, and have 12.5 to get them, cut out the dealer, and get the COs after the purchase. you already talked them down 4k, keep your 5k, add your reduced payments and a few months buys parts.
Good Luck.
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Vettethret
Member
Go get a cloth and wipe your Vag.
Vettethret
Member
The problem is tools like you coming on here sharing freely all your personal issues then when you get your little girly feelers hurt you instantly have something bad to say towards Eddie or others on this forum. Does that somehow justify your pathetic existence?
MTG
Caught the Bug
I didn't say it was in this thread did I genius? But nevertheless you did post it didn't you?
It's been a while, but I'm pretty sure you were bitching about your ride quality and trying to blame ORE for not fixing it 100%...when they weren't even the shop that installed the lift. But that's not the point really.
I don't really care what lift you run to be honest. I just think you're the type of guy that won't be satisfied unless he has the best. Plus a man of your affluence deserves nothing less. :thumb:
Nice edit:
For a person who claims to be trying to be a better christian, you sure seem angry and swear a lot. Just sayin'
Edit: You actually didn't edit your post, you took the time to respond to me twice with such affection. :blush:
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David1tontj
New member
Maybe spend a little more and get the bolt on Coilovers? Even if you have to pay a little bit cash (not included in the 12.5 financed) In your situation, at least you could just easily unbolt them when the lease is up.
My ride- 2001 power wheel, 11" plastic tires, upgraded battery, boat sides, custom bumpers, tow hooks, new paint.