NLIC.org

Maria Said:

Are there any business besides the DMV that allow you to pay vehicle registration and that issue tags?

We Answered:

No just the DMV. Wait till Monday.

Sylvia Said:

Can I deduct repairs to my vehicle for an accident while traveling for business as a business expense?

We Answered:

After adjusting for insurance, your insurance reimbursement lowered your basis. What you spent for repairs increased your basis. Basis is part of depreciation, not every day expenses.

So, no, you do not get to deduct towing or deductable. (Form 4684 won't give you much from these either since I doubt they are more than 10% of your AGI for the year.)

Joann Said:

In New York, does a VEHICLE have to be insured or does the driver need to have insurance?

We Answered:

The vehicle has to be insured, to keep the plates valid.

And if your parents have a policy, they must list all licensed, household members as drivers, on their policy. If your parents to NOT list a licensed household member, on their policy, then the insurance company can DENY any claims for any accident you might have, while driving their car.

That's FRAUD. Failure to list a licensed household member. And it can be way, way expensive. Your parents will have to list you, or their carrier will cancel them, and they can try fraud with a different insurance company.

Priscilla Said:

What to do with gap insurance if dealer is out of business?

We Answered:

If it's insurance, then there's an insurance COMPANY backing it up.

So, flat out, you're not going to get a refund from a company that's not in business.

What you need to do, is dig out your paperwork, and find out who the INSURANCE company is for that gap coverage. Then, you can call them to make sure the coverage is still in place. If it's not, there's not much you can do.

If it's not real insurance, you're probably out of your money. You can sue the dealer, but you'll have to get in line behind all their other creditors, and they're probably bankrupt.

Next time you want gap coverage, add it to your car insurance policy. Then you know it's REAL insurance, and if you do have a claim, you won't get jerked around for the payment.

Bernice Said:

I am opening a Jet Ski Rental company. What kind of insurance do you need for a rental company?

We Answered:

You need Fire and Theft, Collision, Liability. Liability should be in the 3 to 4 million dollar range.

Andrea Said:

Can I lease my personal vehicle to my business?

We Answered:

keep in mind you now will have taxable income personally. you should write up a formal lease agreement. on the books of the business you can just deduct it as a auto/truck expense as long as your lease is set up to NOT convey ownership of the truck to the business. i am assuming you are incorporated. if it is a sole proprietorship, forgot all of this. pay all of the expense out of the business. technically if part of the truck is used personally, you have to adjust for that by reimbursement or a journal entry to some kind of receivable from officer/owner.