Tax deduction on a pre-owned Cayenne
#1
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Tax deduction on a pre-owned Cayenne
Hi guys,
I've been through numerous threads related to 6k lb tax depreciation, but have been getting mixed answers as to whether a pre-owned SUV, in this case a '10 Cayenne, would qualify for the $25k tax deduction, as a new one would? Roy
I've been through numerous threads related to 6k lb tax depreciation, but have been getting mixed answers as to whether a pre-owned SUV, in this case a '10 Cayenne, would qualify for the $25k tax deduction, as a new one would? Roy
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I would check into this -- not my understanding - unless something has changed. It was not the case when I looked into this a few years ago - had to be new and qualify for the model year.
Also -- This is Federal .. not state. And don't forget the AMT
Also -- This is Federal .. not state. And don't forget the AMT
#6
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It does NOT have to be new - only new to you. Also you can write off the full purchase price usually in one year IF you have sufficient net income (your not limited to $25k )
For example- Personally I've written off two (company four) Cayennes in the last 2 years 2009 had a $250k cap (wrote off two of them for each partner) however in 2010 your able to go up to $500k limit so the whole thing gets written off (any amounts over $250k are good) (and again two Cayenne Turbos) ..plus sales tax written off. If your not getting this you need a new CPA
For example- Personally I've written off two (company four) Cayennes in the last 2 years 2009 had a $250k cap (wrote off two of them for each partner) however in 2010 your able to go up to $500k limit so the whole thing gets written off (any amounts over $250k are good) (and again two Cayenne Turbos) ..plus sales tax written off. If your not getting this you need a new CPA
#7
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Just to clarify ...... 179 can be new or "new to you" but it must be buisness use at least to 50% .... This little item is important.
Sorry ...I ran into the problem with "Bonus Depreciation" - this must be new and is comes into play after the 179.
The "buisness use" limit is only a problem for all the doctors and lawers who write off 125k vehicles ........and then get audited. Otherwise -- it works great
Sorry ...I ran into the problem with "Bonus Depreciation" - this must be new and is comes into play after the 179.
The "buisness use" limit is only a problem for all the doctors and lawers who write off 125k vehicles ........and then get audited. Otherwise -- it works great