LLC buying an RV

[GoGators1776]

Can my LLC that is registered in Florida buy a RV? I would need to finance it as all my money is invested in the company and my house. This isn't to avoid the sales tax like a Montana LLC. Thank you to all who answer.

[Allworth]

Who mentioned State taxes??? It is a FLORIDA LLC.

[Bumpyroad]

drsteve wrote:


The IRS has their own ideas about why people do that. As mentioned above, it's something that will draw attention.

and once they start digging into that, everything is under scrutiny.
bumpy

[drsteve]

mowermech wrote:

wing_zealot wrote:
The only logical reason why an LLC would buy an RV is to deduct the cost of the RV as a business expense from the LLC's income. That makes it a IRS issue.

How about "I want to, and I ain't afraid to!"
Would you consider that a "logical reason"?
Some folks think that is the only reason they need, for any action.

The IRS has their own ideas about why people do that. As mentioned above, it's something that will draw attention.

[mowermech]

wing_zealot wrote:
The only logical reason why an LLC would buy an RV is to deduct the cost of the RV as a business expense from the LLC's income. That makes it a IRS issue.

How about "I want to, and I ain't afraid to!"
Would you consider that a "logical reason"?
Some folks think that is the only reason they need, for any action.

[Bumpyroad]

wing_zealot wrote:
The only logical reason why an LLC would buy an RV is to deduct the cost of the RV as a business expense from the LLC's income. That makes it a IRS issue.

"LOGIC"?????????????? what forum are you posting in?
bumpy

[wing_zealot]

mowermech wrote:
The Internal Revenue Service (IRS) has nothing to do with State taxes. That threat is used every time a LLC and an RV is mentioned in the same sentence or paragraph. The IRS is not going to take any note of your LLC unless FEDERAL taxes are owed.
I will give the same answer I give for those looking at an LLC in Montana to avoid a huge sales tax hit in their home state:
1. KNOW the applicable laws, rules, and regulations in both Montana and your home state.
2. FOLLOW those laws, rules, and regulations exactly, to the letter! If that means that you can never take the RV into your home state, DON'T DO THAT!
3. DOCUMENT each and every thing you do to follow those laws, rules, and regulations.
If you do those three things, it is likely you will have no problems.

The only logical reason why an LLC would buy an RV is to deduct the cost of the RV as a business expense from the LLC's income. That makes it a IRS issue.

[mowermech]

The Internal Revenue Service (IRS) has nothing to do with State taxes. That threat is used every time a LLC and an RV is mentioned in the same sentence or paragraph. The IRS is not going to take any note of your LLC unless FEDERAL taxes are owed.
I will give the same answer I give for those looking at an LLC in Montana to avoid a huge sales tax hit in their home state:
1. KNOW the applicable laws, rules, and regulations in both Montana and your home state.
2. FOLLOW those laws, rules, and regulations exactly, to the letter! If that means that you can never take the RV into your home state, DON'T DO THAT!
3. DOCUMENT each and every thing you do to follow those laws, rules, and regulations.
If you do those three things, it is likely you will have no problems.

[BizmarksMom]

Of course your LLC can own an RV. But really run this past a tax attorney first. There are very few reasons for an LLC to legitimately need an RV, so the IRS will key in on this. And any piercing of that LLC veil opens you up to personal liability.

[JaxDad]

GoGators1776 wrote:
This isn't to avoid the sales tax like a Montana LLC.

Sprink-Fitter wrote:
I usually try to get all my tax advice on a John Deere tractor forum, you might check there.

Nothing like a reply that’s spot on the OP’s query.......

[dons2346]

Sprink-Fitter wrote:
I usually try to get all my tax advice on a John Deere tractor forum, you might check there.

Good one!

[sayoung]

wing_zealot wrote:
Since you work out of the country, and I presume have reportable expenses for such, you're going to have a bit of a pickle trying to explain to the IRS how the LLC needs an RV in the US.

The RV like say an airplane is what my accountant calls " the giant RED Flag " if you have no real business use. If camping & need liability protection any lawyer could buzz right thru that LLC veil.

[wing_zealot]

Since you work out of the country, and I presume have reportable expenses for such, you're going to have a bit of a pickle trying to explain to the IRS how the LLC needs an RV in the US.

[mich800]

Shouldn't be a problem. You will most likely need to sign a personal guaranty or primary on the loan even if it is through the business. So you will still have that financial liability even if every thing is registered to the business.

[Lwiddis]

Avoiding personal liability is a far more complicated subject than you appear to believe. Insurance is cheaper and doesn’t draw a bead from the IRS and state tax agency. You are in the crosshairs.