Post a new topic
    2 Replies Latest reply on Feb 10, 2013 11:56 PM by Brian Mitchell

    Buying a car on the company name (S Corp)

    naiduch Newbie

      Thanks for reading. I have registered an S Corp in Nov 2012, I am planning to buy a car on Company's name.


      How much I can go up to to get full tax exemption? My friend told me it's $25K and I must buy from a dealer, is this correct?

      Any special considerations? I am new to S Corp. I have received S Corp status from IRS. Thanks.


      I have an income in the company account to buy the car. If I want to use $15K from the account and apply for loan on company for the remaining, is there an issue? What if the car cost is more than the limit (say $25K)? Thanks.