Topic: Getting Rid Of The Edge

[CanuckG35]

just let her drive the s2000, it is a smaller car

Not a chance in hell!   

[airbalancer]

I thought you were only allowed payments up to $500
also if you use it personal the tax hit is like 30% of the value if you get audited


l am told the best way is to buy it personal then charge the company mileage

[CanuckG35]

I thought you were only allowed payments up to $500
also if you use it personal the tax hit is like 30% of the value if you get audited


l am told the best way is to buy it personal then charge the company mileage

The last I checked, albeit it 1 or 2 years ago, you are entitled to lease payments of up to $800/mo + plus taxes as a tax deductible amount.  I haven't heard anything different from my accountant in the last number of years. 

[wing]

Yeah it is something like $800 but of course it must be used for business only and you must keep track of the mileage.

Most do t though as long as you don't get audited.  I'm still surprised at the amount. $660 a month to rent a car?  Ouches!

[rrocket]

I thought you were only allowed payments up to $500
also if you use it personal the tax hit is like 30% of the value if you get audited


l am told the best way is to buy it personal then charge the company mileage

If you buy it, you can also write off depreciation, portion of insurance, any repairs, fuel, etc..

[CanuckG35]

Yeah it is something like $800 but of course it must be used for business only and you must keep track of the mileage.

Most do t though as long as you don't get audited.  I'm still surprised at the amount. $660 a month to rent a car?  Ouches!

$664/mo is not much whatsoever when leasing a vehicle over $50k.  Check out leasebusters and see what other folks are paying.....it's crazy.  Check out this guy for an example whom is leasing an Edge as well.  Payments are $1150/mo. 

http://www.leasebusters.com/en/details.asp?ID=123463

[CanuckG35]

I thought you were only allowed payments up to $500
also if you use it personal the tax hit is like 30% of the value if you get audited


l am told the best way is to buy it personal then charge the company mileage

If you buy it, you can also write off depreciation, portion of insurance, any repairs, fuel, etc..

With the exception of depreciation, you can write off the rest on a lease as well. 

[rrocket]

Yeah it is something like $800 but of course it must be used for business only and you must keep track of the mileage.

Most do t though as long as you don't get audited.  I'm still surprised at the amount. $660 a month to rent a car?  Ouches!

$664/mo is not much whatsoever when leasing a vehicle over $50k.  Check out leasebusters and see what other folks are paying.....it's crazy.  Check out this guy for an example whom is leasing an Edge as well.  Payments are $1150/mo. 

http://www.leasebusters.com/en/details.asp?ID=123463

Wish I could post my PDF file of my lease quote for the Audi TT RS I got.  It's a bit eye watering...

[CanuckG35]

Yeah it is something like $800 but of course it must be used for business only and you must keep track of the mileage.

Most do t though as long as you don't get audited.  I'm still surprised at the amount. $660 a month to rent a car?  Ouches!

$664/mo is not much whatsoever when leasing a vehicle over $50k.  Check out leasebusters and see what other folks are paying.....it's crazy.  Check out this guy for an example whom is leasing an Edge as well.  Payments are $1150/mo. 

http://www.leasebusters.com/en/details.asp?ID=123463

Wish I could post my PDF file of my lease quote for the Audi TT RS I got.  It's a bit eye watering...

Eye watering in a good way or bad?

[rrocket]

Eye watering in a good way or bad?

Go here and see for yourself:

http://www.autos.ca/forum/index.php/topic,76799.msg759869/topicseen.html#msg759869

[CanuckG35]

Eye watering in a good way or bad?

Go here and see for yourself:

http://www.autos.ca/forum/index.php/topic,76799.msg759869/topicseen.html#msg759869

Wowzers!   

[airbalancer]

I thought you were only allowed payments up to $500
also if you use it personal the tax hit is like 30% of the value if you get audited


l am told the best way is to buy it personal then charge the company mileage

The last I checked, albeit it 1 or 2 years ago, you are entitled to lease payments of up to $800/mo + plus taxes as a tax deductible amount.  I haven't heard anything different from my accountant in the last number of years. 

I guess I was wrong on the amount , first time today 

does the Edge carry the family more easily then a smaller car?
also does not awd make it nice when you get your 5 meters of snow next month 

[articsteve]

It's a tax write off so no biggie

Until you get audited.  Make sure you keep the write off @ 50%.

You've got young kids, yes.  The Edge is a heck of alot safer than a Civic et al. Keep it if only for that purpose. 

[Factger]

Shane. Too bad you did not know at the time because a vehicle like a Kia Sportage would have been an excellant choice for her. It is funny my wife is the opposite because she loves "her" edge alot more than her 05 mazda3 gt.

Anyway the edge is not a bad vehicle to be stuck with in the meantime.

G