SUV writeoff - Posted by Rex

Posted by Jim (MD) on September 30, 2003 at 21:37:05:

Expedition, Navigator, Sequoia, Land Cruiser, LX 470, and Range Rover. All should be over 6,000 pounds.

SUV writeoff - Posted by Rex

Posted by Rex on September 30, 2003 at 24:52:15:

In utilizing the 25k writeoff for a vehicle does it have to be 100% business use? I have a fulltime job now and also have an LLC and a C corp. My C corp just takes a fee from rent and it is all expensed. Could i somehow do this in my LLC in which i buy and sell on L/O.

I am thinking of going full time this spring, i am guessing that would be a better time to buy.

Re: SUV writeoff- Any Other? - Posted by Willie

Posted by Willie on September 30, 2003 at 05:50:36:

Good point, does it have to be 100% and how long do you have to write it off? Also, does it have to be a SUV? How about a regular sedan or truck?

Can also be a pickup truck… - Posted by Lyal

Posted by Lyal on October 01, 2003 at 06:44:42:

needs to be used more that 50% for business and you can write off the bulk of the expense in year 1.
Lyal

must be over 6,000 pounds! (NT) - Posted by David Krulac

Posted by David Krulac on September 30, 2003 at 06:43:42:

`

Re: must be over 6,000 pounds! (NT) - Posted by Willie

Posted by Willie on September 30, 2003 at 06:59:59:

Is there some logic given for that?

it was designed for FARM vehicles (NT) - Posted by David Krulac

Posted by David Krulac on September 30, 2003 at 11:47:00:

`

Yep - Posted by Steve D

Posted by Steve D on September 30, 2003 at 07:14:20:

It’s an incentive aimed at commercial vehicles, which tend to be heavier, rather than for people who want to buy a Porsche through their company…

Porsche Cayenne SUV is over 6000 lbs - Posted by Jay(TN)

Posted by Jay(TN) on September 30, 2003 at 17:47:54:

Write off a $90k+ Porsche Cayenne in the first year. Must be nice. :slight_smile:

Re: Yep - Posted by mikePA

Posted by mikePA on September 30, 2003 at 09:52:42:

I’ve seen people set up many types of “vehicles” (including a jaguar) simply by attaching an magnetic sign on the side of it and turning it into equipment for tax purposes…

Re: Porsche Cayenne SUV is over 6000 lbs - Posted by Eric in N FL

Posted by Eric in N FL on September 30, 2003 at 18:57:34:

Jay,
5192 LBS… First thing I checked when they came out. Oh well.

-Eric

Re: Yep - Posted by TomC (MD)

Posted by TomC (MD) on September 30, 2003 at 10:28:21:

But if it weighs less than 6000 lbs you must use the “normal” depreciation schedule for the vehicle (5 years - I don’t remember).

Over 6000lbs, and you can write off the whole thing in the same year you purcase it!

TomC

GROSS weight? - Posted by randyOH

Posted by randyOH on October 01, 2003 at 11:55:15:

Eric,
As I recall, trucks (including SUVs) are exempt from the passenger car limits if their GROSS loaded weight is more that 6,000 pounds.

If the actual weight is 5,192, the gross loaded weight is probably over 6,000 lbs. Let me know if you need a tax law citation.

Of course, if 5,192 is the gross loaded weight, then this won’t help.
Randy

Re: Porsche Cayenne SUV is over 6000 lbs - Posted by Jay(TN)

Posted by Jay(TN) on September 30, 2003 at 22:03:14:

Check out:
http://moneycentral.msn.com/content/Taxes/P48468.asp

I did a Yahoo! search for Porsche Cayenne tax deduction.

Regards,
Jürgen

Re: Porsche Cayenne SUV is over 6000 lbs - Posted by Jay(TN)

Posted by Jay(TN) on September 30, 2003 at 22:00:07:

fellow on www.pelicanparts.com (Porsche forum) bought a Cayenne, and he’s claiming he can depreciate it fully. I also recall reading about a relaxation of the 6000 lb restriction to permit business owners to take advantage of accelerated depreciation on smaller cars. However, I’m not sure if this is already in effect.

I can forward you the new Cayenne owner’s email address.

If SUVs aren’t your thing, don’t forget the big 2500 series trucks. The Dodge, Ford, and Chevy diesel trucks are excellent for rehabbers and rental managers that swing hammers regularly.

Jürgen