not true, it's $100K. It's part of tax code Section 179 - Saab General Bulletin Board - Saabnet.com
The banner above is an advertisment - if it asks you to download software, please ignore.
Site News -
4/9 Saab Owners' Convention Day Pass Raffle |
3/26 M Car Covers (by State of Nine)
[General |
Members |
C900 |
9000 |
NG900 & OG93 |
93 |
95 |
NG95 |
99 |
Sonett |
Vintage Models |
Clubs |
Other Cars |
FAQs |
Gifts |
Member Photo Galleries |
Member Directory |
Classifieds |
Manuals |
*Buddy Registry |
*Mileage Registry |
Polls |
What's New |
Raffle |
Photo of the Month |
Sponsors]
[Main General Bulletin Board | BBFAQ |
Prev by Date | Next by Date | Post Followup ]
Member Login / Signup - Members see fewer ads. - Latest Member Gallery Photos
not true, it's $100K. It's part of tax code Section 179
Posted by SaabCPA [Email] (more from SaabCPA) on Wed, 12 Nov 2003 10:45:24
In Reply to: Old news plus it did not make it, Nathaniel, Wed, 12 Nov 2003 10:18:27
Members do not see ads below this line. - Help Keep This Site Online - Signup
This law passed in May and is in the actual tax code. Any vehicle over 6,000 lbs gross vehicle weight can be written off in the first year of service up to $100,000. But this writeoff cannot generate a loss on your return. In other words, if your income before depreciation is 50k, you can only take 50k of the writeoff this year. The rest would carry over to subsequent years.
It also only applies to the business use portion. So if you bought a 100,000 car, and used it 75% for business, you could take a 75,000 writeoff.
posted by 68.106.154...
Posts in this Thread:
- $100,000 tax deduction...obscene !, Ravi, Wed, 12 Nov 2003 10:00:01
- it's a depreciation right?, jp, Thu, 13 Nov 2003 03:43:56
- I misspoke--The REPEAL of the $100k deduction..., Saabing in KS, Wed, 12 Nov 2003 12:34:10
- I heard this was in a PROPOSED version of the..., Saabing in KS, Wed, 12 Nov 2003 12:29:31
- Old news plus it did not make it, Nathaniel, Wed, 12 Nov 2003 10:18:27
Members do not see ads below this line. - Help Keep This Site Online - Signup
Post a Followup
No Site Registration is Required to Post - Site Membership is optional (Member Features List), but helps to keep the site online
for all Saabers. If the site helps you, please consider helping the site by becoming a member.
StateOfNine.com
|
SaabClub.com
|
Jak Stoll Performance
|
M Car Covers
|
Ad Available
|
Random Saabnet.com Member Gallery Photos (Click Image)
This is a moderated bulletin board - Posting is a privilege, not a right.
Unsolicited commercial postings are not allowed (no spam). Please, no For Sale or Wanted postings, SERIOUSLY.
Classifieds are to be listed in The Saab Network Classifieds pages.
This is a problem solving forum for over 250,000 Saab owners, so expect to see
problems discussed here even though our cars are generally very reliable. This is not an anything goes
type of forum. Saabnet.com has been a moderated forum since 1988. For usage guidelines, see the
Saabnet.com Mission and Purpose Page. Please remember that you are
not anonymous. Site Contact | Site Donations | Other Sites by SP -
Poverty2Prosperity.org | Run Club Menlo Park | ScreenBot
Site Members do not see red text instructions, bottom of the page anchor ads, or box ads.
Click here to see all
the Site Membership Benefits!