Mine is owned in my LLC name, as a dealer. But I know for the pick-up truck that I do depreciate, it's backed up with all legit reasons and justifications.If youcan't make a reasonable third party (or an IRS agent) believe it's alegit business expense, then don't do it. If it is a legit expense, be prepared to explain why in excruciating detail. If your accountant is suggesting you to try it (since others do), I'd be questioning his/her judgment.Don't take chances - It isn't worth it.

Mike

 

I've had a small business before -- sole proprietor business and wrote off a lot of different expenses. One of those expenses was business usage of my personal vehicle. I am not an accountant, but had a good one.

First thing I would ask you is: what is the nature of your company and what are you using the bike for?

Personally, I think writing off a Harley as a biz expense -- unless your biz is in the bike industry -- is a major red flag. It smells of abuse. I am not saying that is what you're doing -- just giving you a neutral opinion.

 

I bought a corvette years ago and put in the corporation name. The reason was protection, incaseI ever encountered a personal lawsuit of some kind. I also thought about the deduction, but when my accountant asked me how a vette serves as a business vehicle in a landscaping business, I knew that would raise alot of red flags. He suggestedI take the mileage depreciation formula when going out and doing estimates and any work related errands.

That would be my suggestion to you.

Good luck

Jack

 

I don't believe there's any restrictions on what type asset a corporation can own as long as it's not an illegal item. The restrictions are the method in which it is written off/capitalizedand how expenses are incurred/allocated. Consider this approach; form another LLC toprovide consulting toyour main corporation (pay the new one a small monthly consulting fee, which is income to the new LLC, only enough to cover the amortized bike costs. This fee is abusiness expense to your main corporation. Let the new LLC own just the bike andpay the insurance, which is also a deduction. Then if you have a wreck, the only thing that can be taken is the torn up bike or its insurance proceeds. Your main company as well as your personal assets are off limits. It's called limiting your liability exposure. Talk to your lawyer first.

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I own a firm which is incorporated in 5 states. As such, I have several company vehicles utilized by employees throughout. Provided said vehicle (which a motorcyle most certainly is) is utilized for purposes of conducting legitimate business, there are no restrictions as to what type of vehicle said corporation can acquire for said purpose. Some years back, I purchased a long time employee who was a serious motorcycle enthusiast a BMW motorcycle as his 'company vehicle'. His was the exception of the firm. But nonetheless, it was just as valid as any other vehicle I had in the fleet. Prior to acquiring any asset, always consult with both an attorney and accountant before moving forward.

 

Hey guys,thanks for the reply's. I decided to go ahead and put it in my personal name. I am a mechanical contractor and could probably pull it off,but my CPA which is a very large firm,and the business guy that did my paper work at the HD dealer(15 years) both said they have never done a company motorcycle.Didn't want to cause any trouble. More importantly,a "recreational" vehicle is not able to be financed in the company name,so unlike my service trucks,it will still go against my personal credit report.Anyway,I'm home with my 2008 Screamin' Eagle 105th Anniversary Springer and I am very excited!

 

I own a LLC, a Tree Service to be exact. On the day I bought my harley I called my accountant and asked him if I could write a certain percent of my bike off and he said as long as I could justify it. I spend countless hours driving to customers houses to look at there jobs and give them bids for furture work. Well why not enjoy my self while I do it and save some gas money, so I am able to write off about 30-40% of my bike. The first day I had my bike I did 4hrs of estimates. Funner than sitting in my truck all day.

 

Great ride you have there. I have an s-corp, I did the same thing, I did try though but the tax lady said it was not a good idea in my line of work. Enjoy the new scoot.

 

loghoghas a good justification. It comes down to CYA-Can You Articulate the use. I don't know why a HD would beviewed as unrealistic use yet how many suburban housewives are driving Hummers with a magnetic sign on the side of the vehicle and writing it off? (I'm sure most realtors need the H2 and I need myIron Chef delivered in 2 feet of snow) I'm military and travel quite a bit this year used the bike for almost 10k in TDY travel beats a car and certainly flying. Granted I look like a gypsy loaded down when traveling to some schools but it is nice to also link a vacation at the same time.

 

If you die and personal assets are in a business it makes it real hard for family to get the cash. Sucks, but reality.

I just write off the expenses of riding, gas, insurance and interest. I do ride my bike to customers, since they are also bikers, and can confirm it. Not worth it to screw with the gov't goofs.

Joe