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Old 11-06-2003, 12:43 PM   #1 (permalink)
Gentlemen Farmer
 
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Location: Middle of nowhere, Jersey
Hummer Tax Break???

Apparently a hummer qualifies as a one hundred percent write off on the taxes of small business owners?

Anyone familiar with this loop hole or have any cautionary advice for someone considering exlpoiting it?

Anything over 6000lbs used in a small business qualifies?

thanks all,

-bear
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Old 11-06-2003, 01:11 PM   #2 (permalink)
Eh?
 
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Location: Somewhere over the rainbow
woah, thats a hell of a write off...

Is this true!?
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Old 11-06-2003, 01:14 PM   #3 (permalink)
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Location: New England
If I recall correctly, it was designed for receiving credits for heavy-duty equipment, like front-end loaders. It was not designed for SUVs, but the regulation was poorly worded.
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Old 11-06-2003, 01:19 PM   #4 (permalink)
Junkie
 
Location: Florida
Yep, a friend of mine is doing that in a few weeks and I plan to take advantage of it next year!

I was gonna buy a midsize car but not when I can get a bigass SUV and write it all off (as opposed to $3500 or so for a car). Thanks, IRS!

Talk to your accountant about it for all the details, but YES, it is a fully legitimate and widely used writeoff.
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Old 11-06-2003, 01:35 PM   #5 (permalink)
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Location: MN
This worked wonderful for me, just got a F350 SuperDuty
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Old 11-06-2003, 06:25 PM   #6 (permalink)
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Location: So. Cal
That is why so many people are buying them. they get a break for it.
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Old 11-07-2003, 12:44 PM   #7 (permalink)
Psycho
 
Location: MN
This year you can instantly write off up to 100k unlike most years where the limit is 25k. I think its under artical 164.....

I'm not much of a tax guy, if you really want I know I can ask my CPA
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Old 11-17-2003, 03:28 AM   #8 (permalink)
Still searching...
 
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Location: NorCal For Life
It has to do with the weight of the vehicle. The law was designed for small farmers mostly, since tractors are heavier than cars, a weight limit was used instead of vehicle type.
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Old 11-17-2003, 05:33 AM   #9 (permalink)
Completely bananas
 
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Location: Florida
What??
Maybe it makes you a patriot to support the oil business?
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