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Tax Loophole

Discussion in 'Other Off Topic Forum' started by BigDog, Nov 8, 2003.

  1. BigDog

    BigDog Formula 3

    Nov 1, 2003
    1,285
    under the sea!
    can someone explain the tax loophole on luxury SUVs to me in more detail than "if you own a small business, you're able to get one relativly cheaply?"
     
  2. Ike

    Ike F1 Rookie

    Nov 4, 2003
    3,488
    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.
     
  3. davem

    davem F1 Veteran
    Silver Subscribed

    Jan 21, 2002
    5,302
    Stepford, Connecticut
    Full Name:
    dave m
    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
     
  4. BigDog

    BigDog Formula 3

    Nov 1, 2003
    1,285
    under the sea!
    thank you very much, you answered exactly what i'm looking for :)
     
  5. vraa

    vraa Formula 3
    Rossa Subscribed

    Oct 31, 2003
    1,550
    Texas
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    Mr. A
    GX470, not the LX.
     
  6. androza

    androza Karting

    Nov 4, 2003
    86
    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?
     
  7. Texas Forever

    Texas Forever Three Time F1 World Champ
    Rossa Subscribed

    Apr 28, 2003
    38,955
    Texas!
    Open the door and look at the plate. The GVWR is posted right there.

    DrTax
     
  8. LAfun2

    LAfun2 F1 Veteran

    Oct 31, 2003
    6,106
    California
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    Ryan


    try this link

    i asked this question last week :)

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

    vraa Formula 3
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    Oct 31, 2003
    1,550
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    Mr. A
  10. LAfun2

    LAfun2 F1 Veteran

    Oct 31, 2003
    6,106
    California
    Full Name:
    Ryan
  11. vraa

    vraa Formula 3
    Rossa Subscribed

    Oct 31, 2003
    1,550
    Texas
    Full Name:
    Mr. A
    because it's slow... :)

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

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