It's a feature!
It's a feature!
“$150,000 Range Rover. It weighs 6,000 pounds. Section 179 of IRS says anything over 6,000 pounds, you can write off 100%. You could buy it on December 31, write it off that year, even though you didn't even drive the car,” he said. “Boom! $158,000 you get to write it off, that day, against your earned income, if you have self employment money, or an LLC producing other income.”
Cardone, who frequently travels on a Gulfstream G650ER private jet, also embraces leasing vehicles, such as a Rolls Royce Cullinan, which starts at around $392,000.
“The Cullinan that I have is a leased vehicle. I leased it with no money. I put it on a 24-month lease — never longer than that. Whatever the payment is, if you can't handle that payment, don’t do it. And then every 24 months I trade that car in. Why do I do a lease rather than own? Because I can write off 100% of that lease payment every month against my business income,” he elaborated.
source (finance.yahoo.com)
>“$150,000 Range Rover. It weighs 6,000 pounds. Section 179 of IRS says anything over 6,000 pounds, you can write off 100%. You could buy it on December 31, write it off that year, even though you didn't even drive the car,” he said. “Boom! $158,000 you get to write it off, that day, against your earned income, if you have self employment money, or an LLC producing other income.”
>Cardone, who frequently travels on a Gulfstream G650ER private jet, also embraces leasing vehicles, such as a Rolls Royce Cullinan, which starts at around $392,000.
>“The Cullinan that I have is a leased vehicle. I leased it with no money. I put it on a 24-month lease — never longer than that. Whatever the payment is, if you can't handle that payment, don’t do it. And then every 24 months I trade that car in. Why do I do a lease rather than own? Because I can write off 100% of that lease payment every month against my business income,” he elaborated.
[source](https://finance.yahoo.com/news/grant-cardone-believes-theres-only-103200301.html)
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