ECL

This is a myth. There is less paperwork and record keeping in deducting a leased car as a business expense, but with a purchased vehicle, one can deduct interest, repairs, gas, etc., plus depreciation.

SW17LS

Its not a myth. There are also tax benefits when you own a vehicle, but the benefits are different...whether you benefit more from a lease writeoff of a ownership writeoff depends on your situation. One of the big things is recaptured depreciation if you're not going to keep the car.

ECL

You just confirmed what I stated. The word is "it's", BTW.

praetor

All I said was if you can get a tax break from your lease, that makes the lease more appealing. How is that a myth?

I never said only leases can get a tax break. Generally you can only deduct vehicle expenses if it is used for business purposes. You can get crafty and divy up personal and business use but that is neither here nor there. All I said was a tax break from leasing makes it more appealing. LOL

SW17LS

Actually no. You said the tax benefits of leasing are a myth, and that statement is incorrect. There are indeed significant tax benefits to leasing if you deduct vehicle expenses for business, and depending on your situation they might be better than the tax benefits if you purchase. For me the tax savings are substantially better if I lease because I trade cars so frequently I would constantly be recapturing depreciation. With a lease, I have a smooth steady consistent deduction, and I wind up having a bigger deduction overall than I would if I had to pay recaptured depreciation.

If you buy a car and keep it 10 years, then its probably better overall to buy.

LOL, you're sad. Theres no shame in there being things other people know more about than you do you know, when you refuse to accept that and resort to childish hits like that it just makes you look sad. Whether or not I used the proper contraction in my post is meaningless, the fact that you have no idea what you are talking about is quite meaningful.

Be sure you used all the proper contractions now! He'll get you with a snappy comeback!

praetor

OK edited. My keyboard swiping skills aren't what they use to be. LOL

LexFather

Would you listen to a stripper that said don't use a condom?

Terrible advice lol