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Tax breaks for business use of a vehicle ??
Has anyone heard of this?? I just purchase a 2000 F250 PSD Supercab a few months ago, but I did not know this..
http://www.ford-truck.com/forums/showthread.php?t=324070 Tax breaks for business use of a vehicle: The Tax Relief Act of 2003 allows the deduction of up to $100,000 of the actual cost of trucks (esp. Fords ) with a gross vehicle weight rating that exceeds 6,000 pounds (or greater, perfect for a SD). You completely deduct the first $25,000 plus a 50% bonus depreciation of the balance. After the first year you get the normal write-offs (depreciation, expenses). The bonus expires (unless extended retroactive; next year) on 12-31-04. Bottom line: My '04 F350 cost me a net of $15K (out of pocket, net of rebates and tax savings). Disclaimer: See your tax expert. Why drive a Ranger when you can drive a SD for less?
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2000 Ford 7.3 Powerstroke 4x4 2006 Mazda Tribute 1983 Black 300 D (donated to charity) 1993 Teal 300 D (160K) Sold "I love the smell of burnt diesel fuel in the morning, it smells like ....VICTORY" Semper Fidelis USMC 1973-1976 |
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double check on qualifications - updated
This was widely called the "Hummer Exemption" for a while. Do a google search on that to find the exact IRS code. That was part of the reason for the explosion in large SUV sales over the last 2 years.
I thought this only worked for new vehicles? You might want to double check that with your tax person. EDIT: I checked today and found this article: http://www.selfemployedweb.com/suv-tax-deduction-6.htm It apparently works for used vehicles as well. It is called a Section 179 deduction. Chuck Last edited by CSchmidt; 01-01-2005 at 07:59 PM. |
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