business property

Discussion in 'Business Operations' started by outlaw346, Dec 14, 2002.

  1. outlaw346

    outlaw346 LawnSite Member
    Messages: 8

    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?
  2. GroundKprs

    GroundKprs LawnSite Bronze Member
    Messages: 1,969

    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.
  3. Sean Adams

    Sean Adams LawnSite Gold Member
    Messages: 3,597

    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.
  4. outlaw346

    outlaw346 LawnSite Member
    Messages: 8

    Hey, thanks guys, I appreciate the feedback.

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