Hey Everyone,

I've heard that a bill has been passed lately that has changed the tax deduction of up to $100k down to $25k.. I understand the $100k deal was that you can deduct up to that much money at one time. Now, is it spread out over several years? If I buy a GX this year, could I can deduct $25k this year, and another $25k each of the following years (with this new rule)?

Thanks for your feedback everyone. We are hoping to get a '05 GX in Dec if we can, otherwise maybe an '04 GX.

 

Read this thread:

https://www.clublexus.com/forums/sho...hreadid=136398

The way it looks, you could write off $25k + 30% of remainder as "bonus depreciation" + 20% regular depreciation.

 

IF you use your vehicle for LEGITIMATE business purposes for at least 50%, you can take the 1st year $25K plus some bonuses. Have your CPA review before making the investment. The balance then has to be spread over the next FIVE years (corrected from three). So, assuming you use the truck for business travel (say your a traveling salesman who's company DOES NOT re-imburse for mileage), you'd take $25-$27K this year. Approximately $8K next year and the balance $8K the final year of service. read, read, read...

 

Any MD's on the Board? Curious as to if and how you treat your vehicles on your tax return. if at all.

 

Yup, that's why I posted above. We have a primary office that we start out at each day. That commute doesn't count. Then we drive to the other offices where we do contract work. You really can't do it unless you have multiple offices.

 

Jacksonian. I sent you a pm when U get a moment.