IRS question

Sixseven said:
There are ways to legally claim a vintage car as a deduction such as if it is an advertisement or is actually used in the business in some other way. However, I always equate that kind of deduction to be similar to writing off an airplane, all or part of your home, and the second home as a flag for the IRS to do some investigating.

I understand that tax laws for old cars were different 20+ years ago. I seem to recall seeing a guys vast car collection being described as a tax shelter somehow.
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Thus my reference to "Truely Nolen" (sp?). He ran a large extermination company in the southwest, and for a period of time 30 or 40 years ago, and had an old car with his name on it parked at just about every gas station in that part of the country. I wonder if he ever got "caught".
 
rlh5window said:
It is getting that time of year again.

The IRS forms are in the mail and Uncle Sam is awaiting our contributions.

Does anyone know what form to use to declare our project car as a dependent?? :D

Maybe I could declare myself mentally unstable for starting on this " hobby"!

:D:D

Randall
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Perhaps if you gave your car a name (usually female) the IRS would buy it as a dependent. You would need to be careful to stop using the deduction after 18 years, unless she went to college and lives at home. Go for it. What's the worse that could happen?
 
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