Hummer Tax Break??? - Tilted Forum Project Discussion Community

j8ear · 11-06-2003, 12:43 PM

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

Stare At The Sun · 11-06-2003, 01:11 PM

woah, thats a hell of a write off...

Is this true!?

Redlemon · 11-06-2003, 01:14 PM

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.

irseg · 11-06-2003, 01:19 PM

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.

Spyder_Venom · 11-06-2003, 01:35 PM

This worked wonderful for me, just got a F350 SuperDuty

ledhead · 11-06-2003, 06:25 PM

That is why so many people are buying them. they get a break for it.

Spyder_Venom · 11-07-2003, 12:44 PM

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

madsenj37 · 11-17-2003, 03:28 AM

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.

jvwgtr · 11-17-2003, 05:33 AM

What??
Maybe it makes you a patriot to support the oil business?

11-06-2003, 12:43 PM	#1 (permalink)
j8ear Gentlemen Farmer 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

11-06-2003, 01:14 PM	#3 (permalink)
Redlemon Devoted Donor 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. __________________ I can't read your signature. Sorry.

11-06-2003, 01:35 PM	#5 (permalink)
Spyder_Venom Psycho Location: MN	This worked wonderful for me, just got a F350 SuperDuty __________________ The local track whore

11-06-2003, 06:25 PM	#6 (permalink)
ledhead Crazy Location: So. Cal	That is why so many people are buying them. they get a break for it. __________________ "If you can count the number of cylinders on one hand....it is NOT a race car." big bubba "Diplomacy is the art of letting someone else have your way"

11-07-2003, 12:44 PM	#7 (permalink)
Spyder_Venom 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 __________________ The local track whore

11-06-2003, 01:11 PM	#2 (permalink)
Stare At The Sun Eh? Location: Somewhere over the rainbow	woah, thats a hell of a write off... Is this true!?

11-06-2003, 01:19 PM	#4 (permalink)
irseg 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.

11-17-2003, 03:28 AM	#8 (permalink)
madsenj37 Still searching... 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. __________________ "Only two things are certain: the universe and human stupidity; and I'm not certain about the universe." -- Albert Einstein

11-17-2003, 05:33 AM	#9 (permalink)
jvwgtr Completely bananas Location: Florida	What?? Maybe it makes you a patriot to support the oil business?