Last post on Oct 20, 2006 at 6:13 AM
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#1 of 65 Vehicles that qualify for so-called SUV tax deduction for business
Mar 07, 2006 (9:26 pm)
How do I generate a list of vehicles that would qualify under the IRS tax deduction rule for vehicles 6000 Lbs and more? The vehicle can be used for business but what range of vehicles would be eligible? Thanks
Mar 08, 2006 (7:19 am)
is that 6000 lb GVWR or is it curb weight? If it's curb weight, precious few vehicles would be able to qualify, but if it's GVWR then essentially, anything based on a full-sized pickup platform, even a half-ton pickup, would qualify.
Some midsized pickups and SUVs, like the Dakota, Durango, Trailblazer, Pathfinder, ect might qualify as well.
I doubt that there are any cars these days with a GVWR that high. It was pretty common in the 70's, before downsizing, as most full-sized cars had a GVWR of 6000 lb or more. My buddy's '04 Crown Vic has a GVWR or 5500 lb, and that's probably about the max these days for cars.
I also doubt if there are many minivans or crossovers that would have a GVWR that high. However, the Pacifica has a 6600 lb GVWR, so there may be a few others.
Mar 10, 2006 (10:27 pm)
the Porsche Cayenne and its cousin the VW Touareg....
both these crossover vehicles qualify for the 6000 lbs GVWR.
It is nice to use this exemption....
#4 of 65 Re: You can add [highender]
Mar 24, 2006 (4:43 am)
That's crazy, but cool. How much savings ?
#5 of 65 Re: You can add [rockylee]
Mar 24, 2006 (4:52 am)
Rocky, I don't think the heavier GVWR vehicle actually saves you more overall, but what it does allow you do to is depreciate the full cost of it in the first year or two, instead of having to amortize it over a longer period.
Actually, I guess this would make it more enticing to buy a vehicle more often, since you could depreciate it more quickly. For instance, if you could buy a brand-new $50K vehicle and write off the $50K in the first year, it seems to me that would give some incentive to just go buy another $50K vehicle to write off the following year. I'd imagine that trade-in price is factored somewhere, though.
#6 of 65 Re: You can add [rockylee]
Mar 26, 2006 (9:18 am)
Yes...laws are crazy sometimes...
You can write off $100,000 a few years ago...but that has decreased to $50,000 or less this year.
If you can deduct more...than you pay less taxes...and may have more money available for investment purposes...with the additional benefit of creating jobs.
That is why congress passed the 'jobs creation act' back then......to help stimulate the economy.
Mar 26, 2006 (10:26 am)
"..and may have more money available for investment purposes...with the additional benefit of creating jobs. "
If only those theories worked so well in reality.
#8 of 65 Re: . [fintail]
Mar 26, 2006 (11:19 pm)
Well many still believe in the "Trickel Down Theory" which some say will help the rich create jobs since they have more money to spend on investments. What I see is more rich driving nicer cars with those savings. I wished I could join em'
Mar 26, 2006 (11:24 pm)
it was great to get a $35,000 tax refund... enough said....
and believe me, we invested it here in the good ole USA....
#10 of 65 Re: fintail [highender]
Mar 26, 2006 (11:29 pm)
Ok great. I wished more of the rich folks like you did so. Many rich folks that do have the power to create jobs growths are moving there company's to China, India, etc. That tax savings thus doesn't benefit america.