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Vehicles that qualify for so-called SUV tax deduction for business - READ ONLY

65 messages,  Last post on Oct 20, 2006 at 7:13 AM

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Messages Page 7 of 7

#57 of 65 Re: Keep in mind... [gagrice] by highender

Apr 04, 2006 (11:59 am)

Replying to: gagrice (Apr 04, 2006 8:09 am)
I was wondering about that. No one ever referred to it as the Land Cruiser exemption. Only the Hummer tax break. Yet they are both in the same gas guzzling class. I think when that tax loophole came out in 2004 the Land Cruiser was rated lower in FE and worse emissions than the Hummer 2. I guess it is more politically correct to slam domestics than it is foreign auto makers.
 
I agree. The media and so called politically correct public would slam any domestic car...but kowtow to any Japanese car.....
 
maybe having a civic in their lineup makes them elegible for the camouflage exemption ?

#58 of 65 4Runner and tax deduction by rota

Apr 14, 2006 (9:16 pm)

Not all styles of 4Runners qualify. I have a V8 AWD which is barely over 6000lb and I used it for the deduction.

#60 of 65 Doctors qualifying for tax deduction... by lakeside1

Aug 07, 2006 (8:30 pm)

I am a physician and am interested in purchasing an SUV that fits this tax deduction category.
Is it very complicated to be able to get the deduction or straightforward? Also, could you tell me what exactly are the requirements to qualify for the deduction.
Thanks.

#61 of 65 Re: Very confused by dosei

Oct 09, 2006 (9:55 pm)

Replying to: lakeside1 (Aug 07, 2006 8:30 pm)
Very interesting debate, but can someone please explain the current policy on tax deductions for business vehicles? I will be leasing or purchasing a new vehicle for business use in less than 2 months, and am having trouble finding the policy for this. Can someone point me to the right place for this info? Thank you!

#62 of 65 Re: Very confused [dosei] by highender

Oct 10, 2006 (1:03 am)

Replying to: dosei (Oct 09, 2006 9:55 pm)
The IRS has basically closed the immediate deduction of the full amount of the vehicle..up to $100,000 , in one year.
 
If it is used for business, section 179 may still apply....
 
But your accountant may elect to do standard business deductions and then depreciate it in 5 years....
 
depends on how you do it.
 
Or you can lease it, and writeoff the lease payments.
 
don't forget to keep a detailed notebook of all the mileage and work events that you go to...

#63 of 65 Thanks by dosei

Oct 10, 2006 (10:49 am)

Highender thanks for replying

#64 of 65 Range Rover also qualifies by snapcracklepop

Oct 20, 2006 (7:13 am)

Another SUV that qualifies is the Range Rover, it's over the 6000 pound requirement.....the LandRover.com site has a whole section devoted to the small business use tax break
 
If I had a small business, I'd love to buy a Range Rover!

Messages Page 7 of 7

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