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jerry adams
New Member

Can i claim a historical vehicle i bought as a investment? only drive to car shows and test drives.

 
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LisaBr
New Member

Can i claim a historical vehicle i bought as a investment? only drive to car shows and test drives.

If this vehicle is part of a business, you can claim the vehicle and expenses related to it.

https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zzzh

Also, maybe this is more of a Hobby for you.  You can deduct expenses from Hobby Income.

https://www.irs.gov/newsroom/five-basic-tax-tips-about-hobbies.

Either way, the key element is making some sort of income from these endeavors with the car that creates income.

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3 Replies
jerry adams
New Member

Can i claim a historical vehicle i bought as a investment? only drive to car shows and test drives.

This was a personal investment. Can I claim depreciation?
LisaBr
New Member

Can i claim a historical vehicle i bought as a investment? only drive to car shows and test drives.

No, I bet it's a beautiful car.  Here's what the IRS says: "You can't claim depreciation on property held for personal purposes. If you use property, such as a car, for both business or investment and personal purposes, you can depreciate only the business or investment use portion."
LisaBr
New Member

Can i claim a historical vehicle i bought as a investment? only drive to car shows and test drives.

If this vehicle is part of a business, you can claim the vehicle and expenses related to it.

https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zzzh

Also, maybe this is more of a Hobby for you.  You can deduct expenses from Hobby Income.

https://www.irs.gov/newsroom/five-basic-tax-tips-about-hobbies.

Either way, the key element is making some sort of income from these endeavors with the car that creates income.

View solution in original post

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