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Here's how it works...(long)
Posted by Rod CPA [Email] (more from Rod CPA) on Thu, 28 Aug 2003 09:02:46
In Reply to: Re: what about that business-use tax writeoff?, Brian Lee, Thu, 28 Aug 2003 07:22:25
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Any vehicle used for business can be depreciated and this is how tax deductions for all capital assets are obtained.
Depreciation allowances for "luxury autos" - passenger vehicles with a cost > $15,300 (whaadya know -Hyundai's are luxury autos) are resticted on how much depreciation they can take in a year ($3,060 in yr 1, $4,900 in yr 2, $2,950 in yr 3 and $1,775 after that) so it takes a long time to write off a car.
Here's the loophole - passenger vehicles, by definition, exclude trucks or vans with a gross vehicle weight (i.e. loaded weight) of more than 6,000 pounds. Therefore larger SUV's (include the new Land Rover Discovery in this - its GVW = 6,001 pounds - coincidence?) are excluded from the depreciation caps. With the new 2003 Tax Act, up to $100,000 of capital expenditure can be written off in the year (so you can buy two Hummers) - so you get an immediate writeoff for the right (or wrong?) vehicle.
I guess the law was written in those far off days when the only vehicles on the road > 6,000 pounds were genuine commercial vehicles!
Rod
posted by 63.240.1...
Posts in this Thread:
- OT: $2,000 in incentives on 2003 Hummers, andy
, Wed, 27 Aug 2003 13:48:49- what about that business-use tax writeoff?, Jason 0W-40, Wed, 27 Aug 2003 22:37:16
- Maybe they'll sendum' all to Iraq., Jon in Chicago, Wed, 27 Aug 2003 15:00:02
- Re: OT: $2,000 in incentives on 2003 Hummers, Dean, Wed, 27 Aug 2003 14:51:35
- Correction, phred, Wed, 27 Aug 2003 14:50:04
- So I get paid to get a Hummer?, FrozenSaab, Wed, 27 Aug 2003 13:53:00
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, Thu, 28 Aug 2003 01:52:05
, Wed, 27 Aug 2003 18:00:19