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Is anyone using the tax loophole for vehicles over 6000lbs gross weight? if so, what can you write off if you are self employed? any advice on this?
 

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I bought in 2003 and took advantage of it. I was able to depreciate 100% of the value in 2003. I think that the max depreciation this year is $25,000. Check with a CPA. The Titan saved me about $10,000 in hard cash that I would have had to pay in April. A great benefit of being self-employed. It was funny.. My wife (the beancounter) kept trying to upsell me... "Don't you really want the LE??" It took me a while to figure out that the more I spent, the more I saved. $21,000 for an LE CC is not too bad.

Tony B
 

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tbeecher said:
I bought in 2003 and took advantage of it. I was able to depreciate 100% of the value in 2003. I think that the max depreciation this year is $25,000. Check with a CPA. The Titan saved me about $10,000 in hard cash that I would have had to pay in April. A great benefit of being self-employed. It was funny.. My wife (the beancounter) kept trying to upsell me... "Don't you really want the LE??" It took me a while to figure out that the more I spent, the more I saved. $21,000 for an LE CC is not too bad.

Tony B
hey tbeecher what if you are not self employed but do a small business on the side, can you write anything off like you did. i dable in a network marketing business and i write off mileage but can i write off more.like the whole truck, ha ha. lol lol i was just wandering i dont make much money but i do get the mileage write off already. could i do like you did or do you need to be fully self employed. thanks, john
 

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One think you need to look into is that there are some tax laws that say it must be a 3/4 ton or higher to use as a tax write-off. This depends on your business. There are also new rules on how much you can write off and how many years you have to spread it out. I would check with a good CPA before you do anything as it would be sad to sit in jail and watch the IRS agent drive your truck!! Heck I will be just glad to drive mine. Now it looks like a delivery this coming week. Well I have waited this long what is a few more days.
 

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My CPA was the one who told us about the 'Hummer Exemption' - For us, we have to keep the Truck for 5 years. The only restriction was GVW. Anybody who is self-employed should check with a tax pro.

TB
 

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Last year when I talk to my tax guy, he told me max first year depreciation on 6200 gvwr. was 46k but there were some exceptions that could let you take 100k. Like H2 Hummer ect. I will have to give him a call now and find out what I can take.
 

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Fingers crossed!

ringo said:
Is anyone using the tax loophole for vehicles over 6000lbs gross weight? if so, what can you write off if you are self employed? any advice on this?
I am hoping to be able to write this truck off this year also. It was one of the major reasons I decided to go ahead and buy one this year.

:cheers:
 

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I am writing off my Titan. I reviewed the laws with my accountant:

1. Vehicle must be 6000GVW
2. Vehicle must be in use for approved business usage 50% of the time or more
3. Cost of vehicle must not exceed profits of business
4. Entire vehicle can be written off first year. Total expenses in this category must not exceed $200,000. 200K is the point at which you're no longer considered a "small" business
5. Writeoff is in relationship to your business use. If you use the vehicle 50% of the time, you get a 50% writeoff.
6. 50% is defined by mileage, not time in use
7. Vehicle can be placed in service any time of the year.

Hope this helps,
HS
 
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