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J

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My accountant says that any truck or SUV with gross vehicle weight rating of over 6000 lbs. qualifies for expensing the entire cost if purchased after May 2003 when used for business.

From the Chevy specs I see the SSR has gvwr of 6050 but it does not appear on the list the accountant provided to me which was published in Nov. 2003.

It is a truck. It is over the limit. Any accountants out there?

Only applies to purchase, not lease, but a $50,000 expense would save at least $10,000 on taxes. I need a little ammo to convince the little lady.

Help.
 
R

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Tax Break

I'm not an accountant but the SSR is a truck. Take a look at the manufacturers sticker on the door where the tire pressure is listed and it states it is a truck, just like my Silverado. Not surprising it is not on the list. Keep us posted.
 

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Hey people we need more info on this please give your opinion.
 

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Truck

Most definitely a truck. And requires truck plates in states where such a distinction is made. It may not be on the list, but if the only requirements are GVW, then it should qualify for the break.

Truck registration is usually based, at least partly, on vehicle weight. Also usually runs more than passenger. My 72 blazer was able to be registerd as either (truck chasis, rear passenger seat), and the truck registration ran a few dollars more.

My point is: There were some on here stating they were trying to convince the registration folks to let them register it as a car. If that is allowed, it could come back to bite. At least if it was done for the purpose of saving money. Falsifying registration information in some states is a felony.

Not harping, just cautioning.
 
C

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That registration issue happened here in California when the Avalanche came out i know 2 guys here in ca that got nailed on that. The dealer registered the trucks as suv (car tags) not commerical trucks like a pickup and i know 2 guys that had to pay over 1000 in weight fees and penalties. so anyhow hope that helps.
 

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geunther,

What are you saying? If we register this truck with passenger plates we don't get to deduct? My wife's SUV is a Range Rover and has passenger plates and we still get the deduction.
 

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to deduct, or not to deduct

Every state does things a little different, and I am not sure of what qualifies as a deduction.

In my state, because it is a truck, the SSR is required to be registered as a truck. Some states allow pickups (under certain GVWs) to be registered as a passenger vehicle.

The deduction is a Federal guidline, so if the vehicle qualifies under the federal requirements, regardles of what the license plate sais, I would think you would be ok to deduct. I do not know the wording of the deduction, but will research that now.
 

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26usc280f(d)(5)9A)(ii) is the irs definition for passenger vehicles, for tax purposes

"(A) In general
Except as provided in subparagraph (B), the term ''passenger
automobile'' means any 4-wheeled vehicle -
(i) which is manufactured primarily for use on public
streets, roads, and highways, and
(ii) which is rated at 6,000 pounds unloaded gross vehicle
weight or less."

Following this, the ssr is NOT a passenger vehicle and should qualify. it is, however, not on the approved list. (They probably did not know what it was when the list was compiled)
 

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I copied this from CNN/MONEY web page:
Your Money > Taxes



Biggest deduction myths

From SUVs and diets to police lunches and work clothes: What you're sure is deductible may not be.
January 30, 2004: 2:42 PM EST
By Jeanne Sahadi, CNN/Money senior staff writer



NEW YORK (CNN/Money) – In case you had any doubts, let's be clear: The U.S. tax code isn't a myth. Byzantine maybe, but not mythic.

Nevertheless, there are certain myths about tax breaks held dear by some taxpayers that are worth debunking before anyone tackles their 1040 this year.

Have a gander at these untrue notions:

Uncle Sam will help you buy that SUV. That may be what a dealer told you, but since when is a car dealer your go-to source for tax information?

Some consumers, apparently, have come to believe they can get a tax credit just for buying an SUV, according to the National Association of Tax Professionals. Not so.

There was legislation being kicked around in Washington at one point that would have offered a tax credit to buyers of hybrid SUVs, but it didn't become law. (There is, however, a clean fuel tax deduction up to $2,000 offered to owners of some hybrid vehicles, including some Honda models and the Toyota Prius.)

There is a tax break for SUV buyers who are small business owners. In a controversial move, the U.S. government decided to allow taxpayers to write off up to $100,000 for the purchase of a new SUV in the year it is purchased so long as the vehicle is used for business purposes and weighs more than 6,000 pounds.

There is not, however, any tax break if you buy an SUV to tote around your brood.

I don't know about you guy's but I don't think you can clasify the SSR as an SUV?
 
J

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CNN and SUVs

Funny how CNN wanted to make a point about SUVs and allows the reader to draw the wrong conclusion. They don't mention trucks, leading one to possibly conclude the tax break is for 6000 SUVs.

The tax code extends to both SUVs and trucks over 6000 loaded.
Therefore, the SSR is included.

Even CNN can slant things to make a point.

Look up Section 179. By definition, SSRs can provide a huge tax break for business use.

All done.
 

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Remember?

Remember the tax breaks people were getting for their SSRs for business use?

---------------------

Congress to curb SUV tax write-off

Lawmakers are looking to trim tax break for small business owners to $25,000 from $100,000.
October 7, 2004: 1:14 PM EDT


WASHINGTON (Reuters) - Congressional negotiators closed a controversial tax loophole on Wednesday that allowed small business owners to write-off the full cost of the biggest and most expensive sport utility vehicles.

The auto deduction is part of a long-standing tax provision covering depreciation of business expenses. It was originally intended for farmers and construction workers who need heavy duty vehicles to haul goods and materials.

Lawmakers expanded the popular write-off from $25,000 to $100,000 last year and lifted depreciation schedules to enable taxpayers to take the deduction all at once. This created a huge incentive for anyone running their own business to buy big SUVs, which have skyrocketed in popularity.


Tax fairness, environmental and consumer groups have complained that doctors, lawyers, accountants and other white collar professionals that run their own businesses have taken advantage of the loophole to buy the flashiest sport utilities for personal use. These luxury models can cost well over $50,000.

The critics also characterized the benefit an excessive tax break for the wealthy. The Bush administration urged Congress this week to shrink or eliminate the advantage, despite objections from some Republican lawmakers that doing so was tantamount to a tax increase.

But the final version of a corporate tax bill approved by congressional negotiators on Wednesday rolled back the deduction to $25,000 for most purchases.

The changes allowed tax writers to use the savings to pay for other tax breaks in the reworked legislation that still must be approved by the full House of Representatives and Senate.

------------------------
Just letting you know....

Looking4..
 
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