![]() |
suv write off
Could, someone tell me how to write off a 2006 hummer weighing 6,000 pounds? I would like to know step by step. I heard small business owners can do this, but i never hear of how. Help me out!
|
Do you mean a financial write off, or a physical write off?
|
I mean financial write off. The same as you would write off a regular business tool. So in the end the h2 (hummer) is free.
|
If you used it as a work truck you might be able to get a tax writeoff on it but you would just get a break on the taxes would still need to make the payments. Thats the only thing i have ever heard of.
|
I think that program is no longer in play. Better check that it didn't end in 2005.
|
If you own the vehicle personally you would keep records of all expenses and the miles you drive. Your work miles - less comute and personal miles - would be deductable as a business expense as long as you itemize. It is simpler to do this if you lease as you just write of a percentage of the lease payment. If you own the vehicle, you'd establish a depreciation schedule.
If the company own the vehicle - in other words, if it is registered in the company's name - you'd follow most of the same above but could write off or depreciate the entire amounf. Unless it is used for personal use at times. Make sense? |
I actually heard of a business taking the hummer as a huge write-off and getting some sort of subsidy or something in addition. I don't know if this is even still legal, but in some states/places there were huge tax write-offs and even subsidies for buying farm equipment. The way they decided about the subsidy was that the owner had to live X number of miles from a big city (the way they decided you're a farmer), the vehicle had to weigh over X number of pounds (the way they decided it was farm equip). There may or may not have been other stipulations, but this is how it used to work. One of my buddie's dad's had a business acquaintence who did it I believe. Anyways, i'm sure you can google it and find the results you're looking for!
|
if you're looking to get it for "nothing" that's not the case. I do hope you understand "write off" doesn't equal "free."
Quote:
Quote:
Quote:
|
All times are GMT -8. The time now is 02:43 AM. |
Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2025, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0 PL2
© 2002-2012 Tilted Forum Project