TAX DEDUCTION on SUV

[tonkater]

I was watching a tv news shjow a few nites back and within a story about the "suv aiding terrorists" was a sideline topic mentioning a "special" tax credit for purchasing a new vehicle during 2002 for small business's.
Anybody know anything about this ?

[FirstDiesel]

What I've heard is that the deductability of trucks for small business owners has been expanded to certin larger SUV's too. Of course the tree huggers have made it out like George Bush is giving a deduction for SUV's to everyone. This was an IRS ruling, BTW.

[56Nomad]

Part of the answer is at:

http://www.newsday.com/news/opinion/...ion-columnists

[mdrag]

Topic moved to the General Diesel forum.

[TxDoc]

http://www.selfemployedweb.com/november_2002.htm

SUV Tax Deduction

As 2002 is winding down, everyone needs to be thinking about maximizing their tax deductions. This month's letter details some tax tips you may not know about. I hope everyone finds it helpful and informative. You may or may be able to use this tax advice. I urge you to consult a tax expert before you implement a tax strategy based on this information.

Thinking about a new business vehicle? How about an SUV or a PICK-UP?

The IRS normally limits the depreciation that can be deducted on the purchase price of a business vehicle. And, that limit is pretty small - only $3,060 for the first year for a 100% business use vehicle. However, for some business "trucks" the first year depreciation can be as high as $24,000. A "truck" is defined by IRS as a vehicle with over 6,000 lbs. of gross weight. This gross weight of the vehicle is displayed on the inside of the driver's door.

Just buy one of the following vehicles:
2002 Vehicles with Gross Vehicle Weight Ratings (GVWR's) of more than 6,000 pounds

Cadillac
Escalade SUV

Chevrolet
Astro Passenger Van AWD
Avalanche Pickup
Express Van
Silverado Pickup
Suburban SUV
Tahoe SUV

Dodge
Durango SUV
Ram Van
Ram Maxi Van
Ram Wagon
Ram 1500 Pickup
Ram 2500 Pickup
Ram 3500 Pickup

Ford
Excursion SUV
Expedition SUV
Econoline (E150, E250, E350) Van
Econoline Wagon
F150 Pickup
F250 Pickup
F350 Pickup GMC
Yukon -
(including XL and Denali) SUV
Safari Passenger Van AWD
Savana Van
Sierra Pickup
Sierra Denali

Land Rover
Discovery Series II SUV (2001)
Range Rover SUV (2001)

Lincoln
Blackwood Pickup
Navigator SUV

Mercedes
M-Class -
(ML 32, ML 500, ML55 AMG)

Toyota
Land Cruiser (4WD) SUV
Sequoia SUV
Tundra Pickup (Limited models)

[TraceF]

Thanks GOP

[Toddster]

What about my 03 I purchased on 02 ? Still good ?

[tonkater]

Being self employed my trucks and depreciation have always been tax deductable.(and didn't depend on a shrub being in WH) I'd just heard that there was some increase or change. I'm sure it doesn't depend on vehicle year , especially if its new.Thanks for the links, i'm gonna check them out.
tonkater - dieselgettogether.com