OK, Who writes off their Hummers....

[ROZ]

or any other suv or truck that weighs over 6k pounds?

[buck183]

I don't write off an SUV, but I do write off my trucks. What is your question? Is there something you're trying to find out?
I usually buy a new truck every 2-3 years just for this reason. It's actually cheaper for me to make the payment than pay the taxes.
Oh yeah, almost forgot...I write off the boat too. :)
Buck
[ September 16, 2003, 05:53 PM: Message edited by: buck183 ]

[JetBoatRich]

We write off mileage each year :( depends on income VS expense
[ September 16, 2003, 07:04 PM: Message edited by: JetBoatRich ]

[Super D]

How do you get away with writing off your truck and boat? :confused:

[ROZ]

JetBoatRich:
We write off mileage each year :( depends on income VS expense I do the same thing, but I heard that SUV's and pickups that weigh more than 6k lbs are considered commercial vehicles, and a large portion of the cost of the vehicle can be written off.

[JetBoatRich]

ROZ:
JetBoatRich:
We write off mileage each year :( depends on income VS expense I do the same thing, but I heard that SUV's and pickups that weigh more than 6k lbs are considered commercial vehicles, and a large portion of the cost of the vehicle can be written off. Don't you have to register it as a commercial vehicle?

[Hustler]

JetBoatRich:
ROZ:
JetBoatRich:
We write off mileage each year :( depends on income VS expense I do the same thing, but I heard that SUV's and pickups that weigh more than 6k lbs are considered commercial vehicles, and a large portion of the cost of the vehicle can be written off. Don't you have to register it as a commercial vehicle? Look at you registration renewal, your are paying a "Commercial weight fee"

[SchellSchock]

It's a loophole in the tax laws that orginally was written to insulate farmers from the high cost of big vehicle ownership. Register the truck to your business and take up to $20,000.00 of cost of vehicle for tax credit. Then take 12% per year of remainder over next 2 years. Consult an accountant. This does replace depreciation of capital expenditure over 5 years I think.

[Lightning]

Take a look at this ARTICLE (http://www.detnews.com/2002/autosinsider/0212/18/c01-38875.htm) for some more info. It's hard to do the write off unless you have your own business.

[buck183]

Super D:
How do you get away with writing off your truck and boat? :confused: Simple for me....
I own a Truck Accessory business. The truck is used 6 days a week for this business. It's depreciated like one of the above replies already mentioned. I do this every 2-3 years. HUGE savings for me. Not to mention, all the accessories I put on it are a write off too. :)
Do ya want to know the beauty of the whole deal? I don't even have to pay for the entire vehicle to write it off. It's awesome. I can fully depreciate in 2-3 years, still owe money on it, trade in and start over with a new one.
The boat...
It has a place to sleep, a place to poop, and a place to cook. Qualifies as a write off as a second mortgage. All perfectly legal.
Buck
[ September 17, 2003, 06:21 PM: Message edited by: buck183 ]

[77charger]

ROZ:
JetBoatRich:
We write off mileage each year :( depends on income VS expense I do the same thing, but I heard that SUV's and pickups that weigh more than 6k lbs are considered commercial vehicles, and a large portion of the cost of the vehicle can be written off. I did a job for a guy in san diego he leased large suvs he didi mention the fact that they were over a certain weight and he got them specifically so he can write off.It was a while ago and i cant rememeber the details.

[ROZ]

SchellSchock:
Consult an accountant. Oh I will...Soon as pops has a little free (yea right) time... :mad: I just thought one of you has done this and could post some of the details...Thanks! :)

[572Daytona]

buck183:
The boat...
It has a place to sleep, a place to poop, and a place to cook. Qualifies as a write off as a second mortgage. All perfectly legal.
Buck This just means that you can write off the interest you pay on the boat loan, you aren't really writing the boat off your taxes.

[buck183]

572Daytona:
buck183:
The boat...
It has a place to sleep, a place to poop, and a place to cook. Qualifies as a write off as a second mortgage. All perfectly legal.
Buck This just means that you can write off the interest you pay on the boat loan, you aren't really writing the boat off your taxes. Correct....I should have clarified that. Still makes it a little easier to swallow the annual tax bill though.
Buck

[Cole Sanger]

Just my experience. If you have a one ton in CA and have a shell, you can get the commercial fees waived. At least that was two years ago. They don't consider it a commercial vehicle if it has a shell. Of course I had to bitch to find that out as they do not like to ask you if you have a shell.

[Dr. Eagle]

If you are talking about writing off the expense on your federal taxes, it really comes down to if you can justify the use of the vehicle for work. It doesn't have to be a commercial truck necessarily. Just like Real Estate Agents write off their Escalades, know what I mean? It just depends on what you do for a living and if it is reasonable to use the vehicle for work. I have written off my SUV for years because I have done telecommunications project management work all over hell and gone.
[ September 25, 2003, 09:07 PM: Message edited by: Dr. Eagle ]