hi all,
I am looking into purchasing a car, like a 91 honda accord, for $1500-2000.
I am based in florida. Currently, I have a 2mo contract in houston, tx. i pay $350/week in rental cars. ouch! i wish to purchase this car in houston, register it in florida, get corp. insurance for it (no comp/collision, obviously), and keep it in houston at the airport (when i fly back to florida every weekend). the parking in the houston airport is deductible as well, i'd assume?
1) Can I write the entire amount off? What is the limit in the first year for writing off? 2) If it needs a new engine a month from now, can I write that entire repair bill off? 3) can i write the entire insurance premium off? thanks so much! i see a cpa for the first time this friday.. wanted to come prepared.. :)