Quote:
Originally Posted by fliptuner
Sorry for the OT but does this apply if you're incorporated and the company owns the vehicle?
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(I'm assuming it's your incorporated company) If you're incorporated, you have to pay the company for personal mileage driven. So if say its $800/mo, and its 50% business 50% personal, then you'll have to pay the company $400/mo for personal mileage. Otherwise, at the end of the year, it'll be treated as a dividend, and thus income.