Can you write off sports cars as tax deductions?

[madoka]

Reading this article, it claimed:

https://www.autoblog.com/2018/01/03...m_recirculation&spotim_referrer=recirculation

Odds are this GT will go for more than a new one from Ford, though, since all of the proceeds will go to charity. Specifically, the Autism Society of North Carolina. Obviously, whoever buys it should be able to use the car as a tax write-off.

This doesn't sound right to me though. It seems unlikely you can write off a $500K sports car as a tax deduction.

 

[GagHalfrunt]

This doesn't sound right to me though. It seems unlikely you can write off a $500K sports car as a tax deduction.

You can't. You can only write off the portion that's over fair market value. If the car costs $500K and you pay $600k the last $100k is a charitable donation.

 

[Ns1]

//edit

n/m, different circumstance.

 

[Red Squirrel]

I guess technically, you could say it's a "courtesy van" and used to drive clients around.

I've been toying with getting into cryptocoin mining and it crossed my mind that I could maybe actually make it into a business. That way I'd be able to write off my hydro costs and even costs of the rigs. That feels like a gray area though...probably not legal.

 

[brianmanahan]

i'll sell you an M3 for 250$k, you can write off almost 200$k

 

[SearchMaster]

I guess technically, you could say it's a "courtesy van" and used to drive clients around.

I've been toying with getting into cryptocoin mining and it crossed my mind that I could maybe actually make it into a business. That way I'd be able to write off my hydro costs and even costs of the rigs. That feels like a gray area though...probably not legal.

In the US you might have to show it's a business and not a hobby - establishing a profit motive - but that should be pretty easy to do (as opposed to casual buying and selling of sports cards, etc., for example). You'd have to keep detailed records though.