j8ear

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

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

Is this true!?

Redlemon

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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irseg

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

This worked wonderful for me, just got a F350 SuperDuty

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ledhead

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

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"If you can count the number of cylinders on one hand....it is NOT a race car." big bubba

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Spyder_Venom

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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The local track whore

madsenj37

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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jvwgtr

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