How many knuckleheads do you know who are modding their LEASED Z?
08-01-2006, 05:45 PM
#101
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Originally Posted by UnderdogZ
That was a generalization directed to any one who may be interested in the subject..... Don't worry Bobby I know you know your stuff
08-01-2006, 05:46 PM
#102
Originally Posted by SH82N-Z
ahahhahahahhaaha!!! I'm not even going to say anything.
Originally Posted by Hraesvelg
That would be a nice change
Last edited by dutchboy350Z; 08-01-2006 at 06:00 PM.
08-01-2006, 06:04 PM
#103
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so what does the word "you" and "your" stand for on your statements? if it's not directed to me.
by "you" and "your" you meant everyone? oh, ok then. cool. no problem.
yeah right. next time don't start B. ish.
on unsbustanciated claims... all you have are epinions that you can't prove.
give us a link to a specific government website that deals about the issue that gives you $0 tax responsibilty for sports car purchases pertaining to your business. Since you mentioned your CPA, go get your CPA and give us a link here.
Originally Posted by UnderdogZ
Here I'll get you started,
1) become financially independent start a business work for your self instead of cashing a check. Then you'll be able to deduct more than just cars, partial mortgage, meals, travel and relatives supplies.
2) If you feel like thats too much work then get a job in which you are compensated for using your ride. The limitation here is that you can't deduct meals, partial mortgage, etc... the company will more than likely provide all of that..
3) if these are too much than your better off where you are....
SL 55 you get a free car and all you can think about is an SL 55?
there are many ways to find the loop whole don't me I didn't design the system I just work it !
by "you" and "your" you meant everyone? oh, ok then. cool. no problem.
yeah right. next time don't start B. ish.
on unsbustanciated claims... all you have are epinions that you can't prove. give us a link to a specific government website that deals about the issue that gives you $0 tax responsibilty for sports car purchases pertaining to your business. Since you mentioned your CPA, go get your CPA and give us a link here.
Originally Posted by UnderdogZ
If you see ish then get head out the ish pile 
no one is attacking your character, what the hell are you talking about?..
if the advice I posted doesn't work for you then it doesn't work for you,
no matter how you feel about me and my situation the tax laws are what they are don't be mad if it work for others.....
no one is attacking your character, what the hell are you talking about?..
if the advice I posted doesn't work for you then it doesn't work for you,
no matter how you feel about me and my situation the tax laws are what they are don't be mad if it work for others.....
Originally Posted by UnderdogZ
Here I'll get you started,
1) become financially independent start a business work for your self instead of cashing a check. Then you'll be able to deduct more than just cars, partial mortgage, meals, travel and relatives supplies.
2) If you feel like thats too much work then get a job in which you are compensated for using your ride. The limitation here is that you can't deduct meals, partial mortgage, etc... the company will more than likely provide all of that..
3) if these are too much than your better off where you are....
SL 55 you get a free car and all you can think about is an SL 55?
there are many ways to find the loop whole don't me I didn't design the system I just work it !
08-01-2006, 06:11 PM
#104
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Originally Posted by UnderdogZ
That was a generalization directed to any one who may be interested in the subject..... Don't worry Bobby I know you know your stuff
as far as your mom she's right....
I am certainly not tossing anything anywhere....
I don't believe my net worth is necesarily being discussed and for that matter compared against any one elses.
All I simply did was reply to being called a nuckle head for leasing.... and took the opportunity to expand on the whole lease deduction subject......
as far as your mom she's right....
I am certainly not tossing anything anywhere....
I don't believe my net worth is necesarily being discussed and for that matter compared against any one elses.
All I simply did was reply to being called a nuckle head for leasing.... and took the opportunity to expand on the whole lease deduction subject......
08-01-2006, 06:14 PM
#106
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Originally Posted by BobbyRitz
I changed my post...I apologize for it as it wasn't necessary.
Hey its cool I was just clarifying. This is some usefull stuff! and makes for an interesting subject to look into, specially if one can benefit from it.
08-01-2006, 07:56 PM
#108
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^^^ It's all about being a L---- Officer these days. 100K monthly, 1Mil a year tax deducted. And everyone loves you, the bank loves you, all the realtors you work with loves you, your customers loves you, you have 20 hot secretaries work under you. You get freebies left and right. It's teh life.
08-01-2006, 07:58 PM
#109
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assuming a lease? I guess this is crazy too
My brother just assumed a guy's lease.
It's an 05 zr touring 6 speed with the nismo package (exhaust, cold air intake, rear spoiler, and chrome factory wheels) all done by the dealer when new. 17k miles on it. He can drive it up to 48k miles w/o a penalty.
The payment I think is 490 or 495 a month with 26 months remaining on a 39 month lease. The lease -end buy out is 20500.00 in Oct 08. He didn't have to put anything down just assume it from the guy's bank. His thinking is; he will spend approx.13k over the life of the remaining lease and then sell it for around 23 or 24k. make 2 or 3 thousand and would have spent 10 or 11k for 26 months on a nice car. When the lease is up I know it will not have 27k on the odometer. He rarely drive his cars.
Any thoughts?
Oh by the way it is Ultra Yellow and Black.
It's an 05 zr touring 6 speed with the nismo package (exhaust, cold air intake, rear spoiler, and chrome factory wheels) all done by the dealer when new. 17k miles on it. He can drive it up to 48k miles w/o a penalty.
The payment I think is 490 or 495 a month with 26 months remaining on a 39 month lease. The lease -end buy out is 20500.00 in Oct 08. He didn't have to put anything down just assume it from the guy's bank. His thinking is; he will spend approx.13k over the life of the remaining lease and then sell it for around 23 or 24k. make 2 or 3 thousand and would have spent 10 or 11k for 26 months on a nice car. When the lease is up I know it will not have 27k on the odometer. He rarely drive his cars.
Any thoughts?
Oh by the way it is Ultra Yellow and Black.
08-01-2006, 09:45 PM
#110
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Originally Posted by UnderdogZ
Ok steve you want some attention here you go
POSTWHORE
so sad.....
POSTWHORE
so sad.....i and my 59 + 1 post feel that you sir have been found
08-01-2006, 09:55 PM
#111
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Originally Posted by bangbang001
My brother just assumed a guy's lease.
It's an 05 zr touring 6 speed with the nismo package (exhaust, cold air intake, rear spoiler, and chrome factory wheels) all done by the dealer when new. 17k miles on it. He can drive it up to 48k miles w/o a penalty.
The payment I think is 490 or 495 a month with 26 months remaining on a 39 month lease. The lease -end buy out is 20500.00 in Oct 08. He didn't have to put anything down just assume it from the guy's bank. His thinking is; he will spend approx.13k over the life of the remaining lease and then sell it for around 23 or 24k. make 2 or 3 thousand and would have spent 10 or 11k for 26 months on a nice car. When the lease is up I know it will not have 27k on the odometer. He rarely drive his cars.
Any thoughts?
Oh by the way it is Ultra Yellow and Black.
It's an 05 zr touring 6 speed with the nismo package (exhaust, cold air intake, rear spoiler, and chrome factory wheels) all done by the dealer when new. 17k miles on it. He can drive it up to 48k miles w/o a penalty.
The payment I think is 490 or 495 a month with 26 months remaining on a 39 month lease. The lease -end buy out is 20500.00 in Oct 08. He didn't have to put anything down just assume it from the guy's bank. His thinking is; he will spend approx.13k over the life of the remaining lease and then sell it for around 23 or 24k. make 2 or 3 thousand and would have spent 10 or 11k for 26 months on a nice car. When the lease is up I know it will not have 27k on the odometer. He rarely drive his cars.
Any thoughts?
Oh by the way it is Ultra Yellow and Black.
Then go the “lease-end” buy out at $20,500? For a total of $33,240?
Or he’ll just buy the car and end the lease for $20,500?
If his planning on buying and ending the lease for $20k then selling for $23k, seems logical he’ll make 3k.
But if it’s the latter $33k then sells for $23k, he’ll lose $10k.
08-01-2006, 11:10 PM
#112
UnderdogZ, I'm certainly no CPA, however what you're stating in effect is that the IRS is making your lease payments for you.
The best you can do, as far as I'm aware, is to claim 100% of the car as a deduction, which would mean that for all the money you pay towards your lease, you deduct it from your gross income, therefore you do not pay income taxes on your payments, much like medical insurance. That doesn't mean that you paid 0$ to own the car, it means that for the money you paid on the car, you didn't pay income tax on that money. To work with nice even figures, let's say you were in the 33% bracket and a had a $300/month lease. If your $300 is 100% tax deductible, you're effectively "making back" the 33% you would pay in taxes on it, making the lease payment $200. You didn't actually pay 0$ for the car, but you paid 0$ in income tax on the money that paid for the car, effectively reducing by some margin the liability that money, and thusly the car carried. Getting 100% of your money back from the Gov't on any property sounds like fraud to me....or one heluva loop hole.
The best you can do, as far as I'm aware, is to claim 100% of the car as a deduction, which would mean that for all the money you pay towards your lease, you deduct it from your gross income, therefore you do not pay income taxes on your payments, much like medical insurance. That doesn't mean that you paid 0$ to own the car, it means that for the money you paid on the car, you didn't pay income tax on that money. To work with nice even figures, let's say you were in the 33% bracket and a had a $300/month lease. If your $300 is 100% tax deductible, you're effectively "making back" the 33% you would pay in taxes on it, making the lease payment $200. You didn't actually pay 0$ for the car, but you paid 0$ in income tax on the money that paid for the car, effectively reducing by some margin the liability that money, and thusly the car carried. Getting 100% of your money back from the Gov't on any property sounds like fraud to me....or one heluva loop hole.
08-02-2006, 02:29 AM
#113
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Originally Posted by steve5
So his going to pay the remainder of the lease for 26 months at least for $490 = $12,740.
Then go the “lease-end” buy out at $20,500? For a total of $33,240?
Or he’ll just buy the car and end the lease for $20,500?
If his planning on buying and ending the lease for $20k then selling for $23k, seems logical he’ll make 3k.
But if it’s the latter $33k then sells for $23k, he’ll lose $10k.
Then go the “lease-end” buy out at $20,500? For a total of $33,240?
Or he’ll just buy the car and end the lease for $20,500?
If his planning on buying and ending the lease for $20k then selling for $23k, seems logical he’ll make 3k.
But if it’s the latter $33k then sells for $23k, he’ll lose $10k.
steve5,
He is not keeping the car! His plan is to SEll it before the end of the lease, if it doesn't he will return it and walk away. He thinks it will still sell @ least for 22k or 23k buy the summer of 2008.
08-02-2006, 07:14 AM
#114
Originally Posted by UnderdogZ
Yeah I'm a Knucklehead too
I leased my enthusiast roadster with 0 down, pay 580/mo for 4 yrs
I deduct every single payment every fiscal year and get every penny back
at the end of the four years I will have driven a roadster for the last four
years for free and I will only need to pay about 15 k to buy out so by that
time I buy out I estimate my roadster will be worth 25k and I will only have
paid 15k or less for it while you finance the whole retail price......
yeah I'm a knucklehead alright.... I'll make money on mine while yours
depreciates.....
I leased my enthusiast roadster with 0 down, pay 580/mo for 4 yrs
I deduct every single payment every fiscal year and get every penny back
at the end of the four years I will have driven a roadster for the last four
years for free and I will only need to pay about 15 k to buy out so by that
time I buy out I estimate my roadster will be worth 25k and I will only have
paid 15k or less for it while you finance the whole retail price......
yeah I'm a knucklehead alright.... I'll make money on mine while yours
depreciates.....
How do you figure that a Nissan 350Z roadster will be worth $25,000 after 4 years? I'm not attacking anyone, but I just don't really see that happening with the prices I am seeing used Zs go for these days, and they have only been on the market for a little under 3 years now.
Last edited by Kwame; 08-02-2006 at 07:20 AM.
08-02-2006, 07:21 AM
#116
Originally Posted by kwame@z1
How do you figure that a Nissan 350Z roadster will be worth $25,000 after 4 years?
08-02-2006, 07:25 AM
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Originally Posted by kwame@z1
How do you figure that a Nissan 350Z roadster will be worth $25,000 after 4 years? I'm not attacking anyone, but I just don't really see that happening with the prices I am seeing used Zs go for these days, and they have only been on the market for a little under 3 years now.
IN my brothers case if it is not worth 22k or 23k he would have only spent about 13k for two years worth of use, which really isn't too bad if you like to change cars alot. I would think a 05 ZR touring with nismo package and under 30k miles would at least be worth 23k in the summer of 08.
Last edited by bangbang001; 08-02-2006 at 07:28 AM.
08-02-2006, 07:28 AM
#119
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Originally Posted by dutchboy350Z
Gee Isn't what this tub of **** is doing considered stalking .... where are the mods? shouldn't they be warning douche bag that he can't "stalk" other members.
08-02-2006, 07:28 AM
#120
Originally Posted by kcobean
UnderdogZ, I'm certainly no CPA, however what you're stating in effect is that the IRS is making your lease payments for you.
The best you can do, as far as I'm aware, is to claim 100% of the car as a deduction, which would mean that for all the money you pay towards your lease, you deduct it from your gross income, therefore you do not pay income taxes on your payments, much like medical insurance. That doesn't mean that you paid 0$ to own the car, it means that for the money you paid on the car, you didn't pay income tax on that money. To work with nice even figures, let's say you were in the 33% bracket and a had a $300/month lease. If your $300 is 100% tax deductible, you're effectively "making back" the 33% you would pay in taxes on it, making the lease payment $200. You didn't actually pay 0$ for the car, but you paid 0$ in income tax on the money that paid for the car, effectively reducing by some margin the liability that money, and thusly the car carried. Getting 100% of your money back from the Gov't on any property sounds like fraud to me....or one heluva loop hole.
The best you can do, as far as I'm aware, is to claim 100% of the car as a deduction, which would mean that for all the money you pay towards your lease, you deduct it from your gross income, therefore you do not pay income taxes on your payments, much like medical insurance. That doesn't mean that you paid 0$ to own the car, it means that for the money you paid on the car, you didn't pay income tax on that money. To work with nice even figures, let's say you were in the 33% bracket and a had a $300/month lease. If your $300 is 100% tax deductible, you're effectively "making back" the 33% you would pay in taxes on it, making the lease payment $200. You didn't actually pay 0$ for the car, but you paid 0$ in income tax on the money that paid for the car, effectively reducing by some margin the liability that money, and thusly the car carried. Getting 100% of your money back from the Gov't on any property sounds like fraud to me....or one heluva loop hole.