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Old 07-31-2007, 06:14 PM   #28
Sylvanfan
Appealing my suspension
 
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Join Date: Sep 2002
Location: Just outside Enemy Lines
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If you were using the line of credit to buy the car and do it as a bussiness in which you report the profits as income, couldn't you technically write off 50% of the interest, the expensese to go down and get the vehichle, but you'd have to report it as income. Although the government will have a record of you doing this, and may come after you claiming you did it as a means of making an income.

Although I think you're on the right track to pick like an Escalade or Corvette. The higher the price, the higher your margin should be. I'm going to the bank tommorrow to get a HELOC and use it for this very thing!
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