Tax Loophole

What I have heard, don't know how accurate it is, is that if you use the vehicle for business use most of the time then you can get a refund, or write it off. something like that. It was designed to help farmers afford their equipment I've been told. That is why the SUV has to weight restrictions, it has to be pretty heavy to qualify.

Again, this is all things I have heard from people. I have not read this for myself.

 

The vehicle has to have a GVWR of 6000 ibs or more to qualify.
You have to use the vehicle for your biz 50% or more at least, an then can deduct based on that percentage used up to 100%.
The deduction is up to 100k
There is talk about reducing this soon back to perhaps 25k.
A bill was introduced this October so worse case if it passes it might be retro to that date???
Similiar bills have been kicked out before.
Here is a link of vehicles that qualify. Though check to make sure its accurate. Ive seen diffrent lists on the web an all are somewhat diffrent.
VW Tourag i believe squeaks through.
I looked at the new Nissan Armada today!


P.s Looks like the Lexus 470 has a recall. Its under 6000
http://moneycentral.msn.com/content/Taxes/P48468.asp
http://www.imakenews.com/autospies/e_article000143993.cfm

 

GX470, not the LX.

 

Wait, does that mean the X5 is exempt or not? It said that it wasn't in the first link, yet the autospies link tends to suggest the X5 doesn't qualify. Anyone know?

 

Open the door and look at the plate. The GVWR is posted right there.

DrTax

 

try this link

i asked this question last week

http://ferrarichat.com/forum/showthread.php?t=399

 

http://autos.yahoo.com/newcars/d/bmw04x5/44isportsactivityvehicle/trim_specs.html?content=specs&refsrc=autos/trim_overview

X5 is at 6005lb, i think it qualifies, that 4.4i btw because that's what im' guessing most Ferrari guys go for..

 

why not the 4.6?

 

because it's slow...

My cousin has a 4.6is and we're lookin into a Cayenne Turbo, maybe I'm a bit biased..