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i'm w/ kevin here. why pour money into something you dont own? i know, iknow its just $400 but dang thats alot of money to give away these days. for a couple of years? thats like $200 a year for some verooom, verooom. i dont think so.
I love how some justify things! It just adds to the total out of pocket you are spending with the end result of not having a thing! If you own it and hold on to it past the payoff its just money over the total ownership of the vehicle, which will result in less out of pocket since you will eventually sell the vehicle. It could help selling as a private indiividual then just turning back in! Lets see $400 in an investment account after 25years, think the payoff will be a whole lor better then just throwing it into an unowned vehicle. Come to think of it $400 into an investment account even if you do own the vehicle could yield a pretty good return!
Hmm lets see even if you can, which I have not seen any IRS ruling allowing you to, but if you do you $400 will give about additional $60 off your taxable income! Think $400 in an investment account will provide a lot more than $60 gain over the long haul!
i am from canada. that 400 dollars gives me 400 dollars off my taxable income its a full 100 percent write off. i have lots of money, dont u worry what i spend it on. I have lots invested too