RV titled in business name

captbarryw wrote:
Fred, just wanted to say thanks for taking the time for that post! I'll let you know what I decide to do!

Barry

You are welcome.

By creating a business with "Leasing" someplace in the title, your insurance agent will not think that it is owned by a corporation that you control (they really don't care who the actual owner is) and will not give it commercial insurance, unless you intend to have clients on board, and actually use it as a business transportation (like say a taxi or bus that makes trips to the local Casino's.) The insurance agent will think that you leased the vehicle from the company that it is titled in. You can also put the trailer in that leasing company.

Then all expences to that leasing company can be written off. You just send a check to "Smart leasing" (come on thing of another name) each month for use of the vehicle, and cover smart leasing costs. All oil changes, ect. can be either written off as a normal business expence, or "Smart Leasing" can include them in a full service maintenance contract that your other corporation agreed to pay for. I am sure you can do someting with the fuel costs as well.

It is not unheard of to have a leasing company pay for the fuel, and you just rent it by the mile, or month and mile, you can see where this might go? Your corporation pays smart leasing a all inclusive fee of say $2 per mile for depresion and fuel, and maintenance. It is the actual expence to run the coach, so the IRS looks at it as a normal cost to drive such a large vehicle. You will be using the vehicle to see clients, exclusively, and using it as your office, or whatever? Actually you might not want to write it off as a office expence, just a business expence. IRS is very picky about writing off a office in a house, don't know what they will do about the office in the RV.

There is a specific rule about renting out your house - you can rent it two weeks a year, and not have to report the income. Say you live near a NASCAR race track, and hate the traffic on race weekends. You could rent your house for 2 weeks a year, and not need to report the income (IRS has a special rule for this, it is legal). The thinking is that your house rent for 2 weeks will be insignificant compared to the write offs that would normally happen with a business writing off normal deprecian and only 2 weeks rent would be what? $300 or $400?

Anyway you can use that to your advantage, and use the RV to hold the corporation meetings. Compare the rent to a normal meeting room. Call the local Holiday Inn, ask for the price for a 600 square foot room, with lunch, video display, seating, tables, and you will be holding your corporation meeting there. They might quote $750 - $1,250? Who knows. But change the venue to your RV, and rent the living room for the monthly shareholder meetings, for say $500 a day. Only 12 days a year though, so it is under the reportable amount. Do it right, record the location, minutes from the last meeting approved, record minutes for this meeting, opening time, discussions, items for discussion, votes, closing time, breaks for lunch, ect.

Fred.