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?

[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 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? 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 ]