Tax Planning Strategy 172 | Antique, Veteran or Vintage Car
The purchase of an antique, veteran or vintage car for use in a business will provide the normal depreciation and operating deductions. This will be subject to the luxury car limit and log book obligation for business use.
Motor vehicles, including antique, veteran & vintage cars, are exempt from capital gains. This is a win for collectable car owners as collectable cars have shown to appreciate in value over time. This is directly contrasted with the average motor vehicle which eventually ends up pretty worthless.
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2