Hey guys! Great stuff you all put out and very informative! I have a question that I can’t seem to find a concrete answer to and I’m sure there’s no one better to ask than you two!
I am considering the purchase of a used RV/motorhome from a private seller to use for my “side” technology and training business. My business (LLC) is less than 5 years old and I don’t have any business credit yet. However, my personal credit scores are excellent (>800). I’m trying to determine if there are any downsides to purchasing the RV personally, rather than through my business.I will be financing the purchase.
I want to make sure I receive all of the advantageous write-offs and deductions possible to offset my income, which has been really hitting me hard since I am also a W-2 employee at my full-time career. The business use of the vehicle would be greater than 80% and after running some numbers, I plan to take the Actual Expenses method for this percentage of the expenses.
If I purchase the RV under my personal name, would I still be able to take the vehicle depreciation for the business use of the vehicle, and would I still be able to deduct the monthly financing payments?
Thank you for your willingness to answer questions like these and keep up the awesome work!
-Mark