View Poll Results: What do you do?
This is my car and I'm driving it into the ground!
38
86.36%
Leasing is delicious because I always get a new ride every few years!
5
11.36%
What do I do? I ask for rides so I don't have to pay for gas.
1
2.27%
Voters: 44. You may not vote on this poll
Do you LEASE or OWN?
Lexus Champion
Joined: Apr 2002
Posts: 3,746
Likes: 1
From: Glued to my desk.
Actually the Gross Weight requirement is 6000lbs. Most full size trucks and SUV's fall into this category. Edmunds.com will give you the GW of any vehicle you're looking at purchasing. The depreciation write off will only apply if you are self employed or a small business owner and the vehicle is used 95%+ for work. If you use it as a family hauler then you're going to be SOL. You can take up to $25k per year as a write off instead of depreciating it over the life of the vehicle.
The mileage write off went from .40 cents per mile to .48 on 08/01/05. It's a nice little deduction. All your milage must be documented. Simply jotting down the miles driven and the purpose of the drive in a day planner is sufficient. Remember that commuting milage from your house to office is not deductible.
The rest of doug999's advice is pretty solid and insightful.
The mileage write off went from .40 cents per mile to .48 on 08/01/05. It's a nice little deduction. All your milage must be documented. Simply jotting down the miles driven and the purpose of the drive in a day planner is sufficient. Remember that commuting milage from your house to office is not deductible.
The rest of doug999's advice is pretty solid and insightful.
Lexus Champion
Joined: Dec 2002
Posts: 2,854
Likes: 0
From: IL
Originally Posted by Vegassc400
Actually the Gross Weight requirement is 6000lbs. Most full size trucks and SUV's fall into this category. Edmunds.com will give you the GW of any vehicle you're looking at purchasing. The depreciation write off will only apply if you are self employed or a small business owner and the vehicle is used 95%+ for work. If you use it as a family hauler then you're going to be SOL. You can take up to $25k per year as a write off instead of depreciating it over the life of the vehicle.
The mileage write off went from .40 cents per mile to .48 on 08/01/05. It's a nice little deduction. All your milage must be documented. Simply jotting down the miles driven and the purpose of the drive in a day planner is sufficient. Remember that commuting milage from your house to office is not deductible.
The rest of doug999's advice is pretty solid and insightful.
The mileage write off went from .40 cents per mile to .48 on 08/01/05. It's a nice little deduction. All your milage must be documented. Simply jotting down the miles driven and the purpose of the drive in a day planner is sufficient. Remember that commuting milage from your house to office is not deductible.
The rest of doug999's advice is pretty solid and insightful.
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