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Question
Can I buy a car having an independent business and still use it for regular use?
I sell Rainbow cleaning systems and which entitles me as an independent business and I am looking for a new car. I am wondering if I can buy a new car as a business expense, yet still be able to use it for regular use such as college, work, and personal? I have been told that I will have to fill out a 1099 since I have my own business essentially, and that is all I really know.
2 months ago - 1 answers
Best Answer
Chosen by Asker
not sure what the 1099 would be for. As the business owner you can buy what equipment you need for your business and depreciate it. An automobile used for business and personal requires that you keep records of each type of use (mileage) then whatever percent is business would be an expense on your Schedule c. check out the www.irs.gov website, search on Topic 510
Source(s)
8 years as Small Business Consultant/Trainer and Professional Tax Preparer
2 months ago
Asker's Rating: 