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02-19-2004, 08:47 AM
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CC Member
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Join Date: Jun 2003
Posts: 107
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Not Ranked
Cobra for business
I just recently purchased a new business. Is there anyway I could write off the purchase of a Cobra as a business expense.
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02-19-2004, 09:26 AM
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CC Member
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Join Date: Oct 2001
Location: Castle Rock,
CO
Cobra Make, Engine:
Posts: 579
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Not Ranked
I have often wondered the same thing. If you used your Cobra in advertisements and at trade events could write off the expense even if you are not in the "Cobra Business".
__________________
'It's not getting any smarter out there. You have to come to terms with stupidity and make it work for you.' -- Frank Zappa
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02-19-2004, 09:59 AM
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Senior Club Cobra Member
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Join Date: Sep 2003
Location: Kingwood,
WV
Cobra Make, Engine: SPF 2682, Roush 427
Posts: 219
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Not Ranked
Sure, write it off. Just be prepared if you ever get audited!
Everyone lies like hell about their % of business use, why not the car! My wife's a CPA, darn it!
Chet
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02-19-2004, 10:33 AM
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CC Member
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Join Date: Sep 2003
Location: LI,
NY
Cobra Make, Engine: Shell Valley- smallblock grenade w/ the pin pulled
Posts: 688
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Not Ranked
i'm sure you can do a certain percentage of the purchase. You drive your car to meet clients or your accountant. Take clients out for "lunch" in it. Be creative but remember someone could be watching so don't go overboard. Don't forget, that's what they got Al Capone for. 
__________________
"If you're not racin' it, you're wastin' it!"-Me
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02-19-2004, 10:45 AM
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CC Member
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Join Date: Jun 2003
Posts: 107
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Not Ranked
I'm no Al Capone, More like Al Bundy (The shoe salesman)
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02-19-2004, 10:56 AM
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CC Member
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Join Date: Jun 2003
Location: Hunterdon County,,
NJ
Cobra Make, Engine: ERA 427 SC with 428 PI
Posts: 390
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Not Ranked
Ask you accountant about it and let us know what he says.
__________________
"Is it original ?" -- " Yes! But some parts are new."
It's just easier this way.
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02-19-2004, 10:58 AM
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CC Member
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Join Date: Oct 2000
Location: Crystal Lake,
IL
Cobra Make, Engine: Everett-Morrison, 434 cid
Posts: 977
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Not Ranked
Cobras can be difficult to insure, much more difficult if it's a personal car sometimes used for business.
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02-19-2004, 05:16 PM
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CC Member
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Join Date: Oct 2001
Location: Castle Rock,
CO
Cobra Make, Engine:
Posts: 579
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Not Ranked
I would also like to hear what a tax accountant would have to say about this. Not interested in tax evasion but if one uses their Cobra in legitimate advertising, at trade shows to draw attention, and to drive clients around in could it be written off.
It may just be safer to "rent" the Cobra to the business for $750 a day for business use.
__________________
'It's not getting any smarter out there. You have to come to terms with stupidity and make it work for you.' -- Frank Zappa
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02-19-2004, 05:28 PM
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CC Member
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Join Date: Dec 2000
Location: Los Angeles,
CA
Cobra Make, Engine: E.R.A. FIA #2088 1964 289 w/Webers
Posts: 2,151
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Not Ranked
If I'm correct I think this is what Bob Shaw has done with his Unique FIA. Bob owns & runs Operations Plus.
__________________
Hyde D. Baker
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02-19-2004, 11:51 PM
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Senior Club Cobra Member
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Join Date: Jul 2001
Location: Evans,
CO
Cobra Make, Engine: NAF 289 FIA, 347 stroker with Weber 48's, building a '48 Anglia gasser, driving a '55 Chevy resto-rod
Posts: 3,119
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Not Ranked
We "leased" all equipment, pickups, tool vans, bobcat /trailer, backhoe/ trailer, tools/etc. , to my company. My ex-partner and I set this up with an accountant and a tax attorney. It worked for us, and then for me after I bought him out for another 12 years. Every thing legal and above board.
Had I owned a Cobra then might have had a problem justifying it as a "work" vechicle for a construction company. 
__________________
"Breathe in... Breathe out... then move on with life. Lifes too short to sweat the small stuff"
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02-20-2004, 12:52 AM
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CC Member
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Join Date: May 2001
Cobra Make, Engine:
Posts: 868
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Not Ranked
Why Not Sponsor Your Car?
Dick Smith's famous CSX3035 has its flanks adorned with his bail bond company's "sponsorship".
40K-med.jpg)
Last edited by STG; 02-20-2004 at 01:00 AM..
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02-20-2004, 01:03 AM
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CC Member
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Join Date: May 2001
Cobra Make, Engine:
Posts: 868
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Not Ranked
What Happened?
One mo' time....
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02-20-2004, 07:40 AM
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Senior Club Cobra Member
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Join Date: Oct 1999
Location: Menomonie, Wisconsin,
Posts: 3,505
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Not Ranked
There is a very good piece in the latest SCM edition by a tax attorney regarding this subject. You may want to look at it. It was very well written.
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02-20-2004, 08:34 AM
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CC Member
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Join Date: Jun 2003
Location: Hunterdon County,,
NJ
Cobra Make, Engine: ERA 427 SC with 428 PI
Posts: 390
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Not Ranked
Cal,
This may sound dumb but, what is the SCM edition?
Mike
__________________
"Is it original ?" -- " Yes! But some parts are new."
It's just easier this way.
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