business property

[outlaw346]

If I purchase property as a sole proprietor, such as vehicles or equipment, does that property get listed under my name, or the business name. If its under my name, how do I make the seperation at tax time? What I mean is, say I own two vehicles, one for business use, and the other for personal, in order to claim deductions on the business vehicle, would it be better for it to be listed as business property?
-Kev

[GroundKprs]

I would not trust an complete answer to your question, unless it came from a local accountant. In general, from federal tax standpoint, name on title won't matter that much with a sole prop, because the individual and the prop are the same person. But there could be advantages or disadvantages on a state or local level.

Accountant can also educate you on lease or purchase advantages for vehicles and major equipment.

[Sean Adams]

Depends on what you have purchased, but often times it will be listed as "John Smith DBA ABC Lawn Care".

The DBA (Doing Business As) is common for most paperwork when a sole prop.

[outlaw346]

Hey, thanks guys, I appreciate the feedback.