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Started By
Message
re: Land Rover 2015 HSE Sport
Posted on 12/22/15 at 8:33 am to touchdownjeebus
Posted on 12/22/15 at 8:33 am to touchdownjeebus
Be honest, you just wanted to get this in:
quote:
she was recently arrested
1
Posted on 12/22/15 at 9:08 am to N2cars
5 pages, no pictures of the ride. 
Posted on 12/22/15 at 9:16 am to NOFOX
quote:
If I drive 51%+ of my mileage on a vehicle for work, but don't own the business, there is no way to take his write off?
Not for yourself. The company can write it off, but you cannot.
Posted on 12/22/15 at 9:58 am to ihometiger
I am definitely not a tax expert but I think I remember reading that there are certain limitations for the vehicle purchase and to get the depreciation bonus you have to buy a new car and not cpo. I may be mistaken though and it could be the vehicle is eligible for the immediate 500000 depreciation in which case the 50 percent bonus depreciation isn't needed.
Posted on 12/22/15 at 9:59 am to ihometiger
quote:
Heard the problem SUVs were all before 2013
And next year people will say "The problem SUVs were all before 2014."
Posted on 12/22/15 at 10:00 am to Kingpenm3
Nvm
This post was edited on 12/22/15 at 10:06 am
Posted on 12/22/15 at 10:24 am to Binx
quote:
I am definitely not a tax expert but I think I remember reading that there are certain limitations for the vehicle purchase and to get the depreciation bonus you have to buy a new car and not cpo. I may be mistaken though and it could be the vehicle is eligible for the immediate 500000 depreciation in which case the 50 percent bonus depreciation isn't needed.
Bonus is for new assets only. 179 is for both new and used.
Posted on 12/22/15 at 10:54 am to jordan21210
Right. I thought I read the limits for >6000 lb SUVs were much lower than say farm equipment. I used the deduction last year for a suv purchase. I thought it was 25000 for sec 179 then 50 percent of remainder that I was able to deduct on year one and then standard deductions over the next three or four years. Obviously if this was the case you definitely want the new car if you are going to be spending 60-70kso you can get the bonus depreciation.
I could be wrong though that's why I pay my cpa.
We had a discussion on the money board last year around this time I think.
I could be wrong though that's why I pay my cpa.
We had a discussion on the money board last year around this time I think.
Posted on 12/22/15 at 11:16 am to Binx
Yes, first and foremost consult your CPA.
But you are correct - the deduction is much less for vehicles with gvwr of less than 6000 lbs. Most, if not all, full size SUV's with gvwr greater than 6000 lbs will qualify for the $25k 179 and then 50% bonus. In order to take 100% 179, the vehicle has to have a bed or cargo space at least 6' long behind the cab that cannot be accessed by the driver (think that's the rule) and must have a gvwr in excess of 6000 lbs. So that disqualified most luxury/commuter vehicles. There are also a few limitations with 179 so not everyone will qualify to take it - very situational.
But you are correct - the deduction is much less for vehicles with gvwr of less than 6000 lbs. Most, if not all, full size SUV's with gvwr greater than 6000 lbs will qualify for the $25k 179 and then 50% bonus. In order to take 100% 179, the vehicle has to have a bed or cargo space at least 6' long behind the cab that cannot be accessed by the driver (think that's the rule) and must have a gvwr in excess of 6000 lbs. So that disqualified most luxury/commuter vehicles. There are also a few limitations with 179 so not everyone will qualify to take it - very situational.
Posted on 12/22/15 at 11:17 am to jordan21210
F-250. 6.5' bed.
Posted on 12/22/15 at 11:35 am to N2cars
100% as far as I know.
Posted on 12/22/15 at 3:35 pm to jordan21210
Bonus Depreciation
For businesses that do not qualify for Section 179 there is another great tax break, but it expires in 2019. Bonus Depreciation allows you to deduct 50% of the cost of assets in the year of purchase. This deduction is allowed even if you do NOT have income, and has no max amount. You can use this for an unlimited number of purchases, but the deduction is only allowed for NEW assets. For used vehicles this deduction is not allowed, but Section 179 IS allowed. The bonus depreciation deduction will be available at the 50% amount in 2015, 2016, and 2017. In 2018 it will drop to 40% and in 2019 it will drop to 30%.
Limitations
Keep in mind that vehicles are subject to limitations on any of the depreciation deductions. The vehicle must be used at least 50% for business to qualify. Also, there are top end deductions for different classes of vehicles. For example, small cars under 6,000 lbs. are capped at $11,060 of depreciation in the first year. SUVs and crossovers with Gross Weight above 6,000-punds are capped at $25,000, and pickups and vans with no rear passenger seating that are above 6,000-pounds do not have a cap. Every major brand of pickup (1/2 ton and up) are over 6,000-pounds for purposes of this deduction. This includes Ford, Ram, Chevrolet, Toyota, GMC, and Nissan. When you get down to the mid-sized trucks you might be surprised to find that some of these are right on the line. A 2016 Chevrolet Colorado crew cab is over the weight limit, but the extended cab is not, so it might save enough in taxes to make it worthwhile to upgrade to the bigger size.
For businesses that do not qualify for Section 179 there is another great tax break, but it expires in 2019. Bonus Depreciation allows you to deduct 50% of the cost of assets in the year of purchase. This deduction is allowed even if you do NOT have income, and has no max amount. You can use this for an unlimited number of purchases, but the deduction is only allowed for NEW assets. For used vehicles this deduction is not allowed, but Section 179 IS allowed. The bonus depreciation deduction will be available at the 50% amount in 2015, 2016, and 2017. In 2018 it will drop to 40% and in 2019 it will drop to 30%.
Limitations
Keep in mind that vehicles are subject to limitations on any of the depreciation deductions. The vehicle must be used at least 50% for business to qualify. Also, there are top end deductions for different classes of vehicles. For example, small cars under 6,000 lbs. are capped at $11,060 of depreciation in the first year. SUVs and crossovers with Gross Weight above 6,000-punds are capped at $25,000, and pickups and vans with no rear passenger seating that are above 6,000-pounds do not have a cap. Every major brand of pickup (1/2 ton and up) are over 6,000-pounds for purposes of this deduction. This includes Ford, Ram, Chevrolet, Toyota, GMC, and Nissan. When you get down to the mid-sized trucks you might be surprised to find that some of these are right on the line. A 2016 Chevrolet Colorado crew cab is over the weight limit, but the extended cab is not, so it might save enough in taxes to make it worthwhile to upgrade to the bigger size.
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