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Vehicles that qualify for so-called SUV tax deduction for business

13

Comments

  • rockyleerockylee Posts: 14,011
    agree, but most buisness owners drive 4 runners and Lexus 470's. Do you think they would actually be seen driving a domestic ? :surprise: They are above that. :sick: Thus proving my point. :cry:

    Rocky
  • fintailfintail Posts: 33,509
    'Not built for the working class buyer'...unlike the Slade and the Denali and H2, right? Come on now.
  • rockyleerockylee Posts: 14,011
    Maybe the upper middle working class buyer. ;)

    Rocky
  • highenderhighender Posts: 1,362
    really quick, pfflyer.... :D

    Hi rocky :

    NOw you are sounding just like me. I am all for US stuff. I remember the times when "made in america" was a symbol of honor. I am hoping that it will still be in the future...regarding cars.

    I think the dedcution helped alot of business owners....and when they saved....they either spent it on extravagant luxuries...which helped those people who make lux goods, or spent it on hiring more workers...like I did. I saved quite a bit...so I hired more workers to increase production....which took 2 people off the unemployment lines ( they are refugees from dotcom implosion). So now not only did they not go on unemployment nor welfare...but they are producing income for me...as well as paying state, federal, and city income taxes. Their spirits are soaring..and not depressed...which is invaluable.

    I think we should make and buy goods made here. That way the money stays here. I have been saying what you are saying on these forums for the past 2 years now.

    I hope corporate america is listening.

    thanks pf....I think the discussion has some bearing on the topic of SUV deductions.
  • rockyleerockylee Posts: 14,011
    Well in your case I would support this deduction. ;)

    I would wish everyone that uses it has morales, but when you see the local Chevy dealer using it as a gimmick to sell another large SUV. highender, they were essentially telling folks start up a Faux Buisness to get the deduction and that's where I have a problem. ;)

    Rocky
  • gagricegagrice San DiegoPosts: 28,850
    but most buisness owners drive 4 runners and Lexus 470's

    I think the class does not include the LX470 or Land Cruiser. They are less than 6000lb curb weight. 4Runner is definetly not included. 3/4 ton PU was far and away the leading rig in that class. They are the default work truck.
  • rockyleerockylee Posts: 14,011
    The Yacht known as the Land Cruiser and LX 470 doesn't weight 3 tons. :surprise:

    Okay if you say so.

    Rocky
  • andre1969andre1969 Posts: 21,849
    that 6,000 lb threshold is GVWR, NOT curb weight, although occasionally it gets mis-quoted as curb weight.

    A 4runner probably still has a GVWR of less than 6,000 lb, but I'm sure a Land Cruiser or LX470 easily surpasses it. My uncle's '97 Silverado, a half-ton truck with a V-6 engine, has a GVWR of 6200 lb.

    I'd imagine that just about any full-sized half-ton truck these days would push past 6000 lb GVWR. Most 3/4 ton trucks are above 8500 lb, which not coincidentally exempts them from fuel economy testing, CAFE regs, etc.
  • gagricegagrice San DiegoPosts: 28,850
    I was wondering about that. No one ever referred to it as the Land Cruiser exemption. Only the Hummer tax break. Yet they are both in the same gas guzzling class. I think when that tax loophole came out in 2004 the Land Cruiser was rated lower in FE and worse emissions than the Hummer 2. I guess it is more politically correct to slam domestics than it is foreign auto makers.
  • andre1969andre1969 Posts: 21,849
    Edmund's lists the Land Cruiser at 5425 lb curb weight and 6925 lb GVWR, so it's well over that 6,000 lb threshold.

    The 4runner, with the 4.7 V-8 and just RWD has a curb weight of 4280 lb and a GVWR of "only" 5490 lb.
  • fintailfintail Posts: 33,509
    Maybe because the H2 is more in your face and likely sells more. The LandCruiser seems so 90s anymore.

    Of course, it could just be a media conspiracy!
  • andre1969andre1969 Posts: 21,849
    that the H2 has been treated like a pariah is because it's based on the 3/4 ton Suburban chassis. Its GVWR is over 8500 lb, so the gov't doesn't even bother to test its fuel economy, and it doesn't get factored into GM's CAFE ratings.

    The Landcruiser still gets tested, and it does get factored into Toyota's CAFE ratings, so if they sell too many of them, then they either have to sell enough fuel-efficient trucks to offset that, or pay a fine.

    FWIW, I think the H2's economy has been estimated at 11/14. I'm ashamed to admit it, but that's about all my aging Silverado gets. :blush:
  • gagricegagrice San DiegoPosts: 28,850
    the H2 is more in your face

    I think that is the only reason they sell as many as they do. For those that feel the need to stick out. They are not as practical as a Suburban in any type usage. Maybe they are better off road.
  • gagricegagrice San DiegoPosts: 28,850
    That is why I did not think the Land Cruiser was in that mix. I was under the impression that 6000 lbs was the cut-off for CAFE & EPA testing. That is confusing as to which vehicles are exempt and which are not.
  • highenderhighender Posts: 1,362
    I was wondering about that. No one ever referred to it as the Land Cruiser exemption. Only the Hummer tax break. Yet they are both in the same gas guzzling class. I think when that tax loophole came out in 2004 the Land Cruiser was rated lower in FE and worse emissions than the Hummer 2. I guess it is more politically correct to slam domestics than it is foreign auto makers.

    I agree. The media and so called politically correct public would slam any domestic car...but kowtow to any Japanese car.....

    maybe having a civic in their lineup makes them elegible for the camouflage exemption ? ;)
  • rotarota Posts: 2
    Not all styles of 4Runners qualify. I have a V8 AWD which is barely over 6000lb and I used it for the deduction.
  • I am a physician and am interested in purchasing an SUV that fits this tax deduction category.
    Is it very complicated to be able to get the deduction or straightforward? Also, could you tell me what exactly are the requirements to qualify for the deduction.
    Thanks.
  • doseidosei Posts: 11
    Very interesting debate, but can someone please explain the current policy on tax deductions for business vehicles? I will be leasing or purchasing a new vehicle for business use in less than 2 months, and am having trouble finding the policy for this. Can someone point me to the right place for this info? Thank you!
  • highenderhighender Posts: 1,362
    The IRS has basically closed the immediate deduction of the full amount of the vehicle..up to $100,000 , in one year.

    If it is used for business, section 179 may still apply....

    But your accountant may elect to do standard business deductions and then depreciate it in 5 years....

    depends on how you do it.

    Or you can lease it, and writeoff the lease payments.

    don't forget to keep a detailed notebook of all the mileage and work events that you go to...
  • doseidosei Posts: 11
    Highender thanks for replying
This discussion has been closed.