Looking for a bit of advice with a relatively complex situation. I have very little access to my CPA at the moment (currently buried in actual tax prep) or I would ask him. I understand most responses will be "speak to your CPA," but I am hoping for quick answers so I have some guidance and can abandon this idea if this is not going to work.
I own an LLC and need to replace my personal vehicle and am strongly considering a MYP considering the tax credit still exists. My personal income is below the threshhold, but my K-1 will not be next year.
1) Can an LLC purchase the vehicle and apply for the tax credit, or is it personal only? If yes, are there profit limitations?
2) Is K-1 LLC income considered personal income in the eyes of the IRS tax limit? Or only distributions / gauranteed payments?
Thanks!
I own an LLC and need to replace my personal vehicle and am strongly considering a MYP considering the tax credit still exists. My personal income is below the threshhold, but my K-1 will not be next year.
1) Can an LLC purchase the vehicle and apply for the tax credit, or is it personal only? If yes, are there profit limitations?
2) Is K-1 LLC income considered personal income in the eyes of the IRS tax limit? Or only distributions / gauranteed payments?
Thanks!