I heard about this tax loop hole for certain SUV's that are over 5000 lbs.

I hear you can deduct $26,000 of the first year off your taxes if you get into a larger SUV. Does anyone know if the GX meets this criteria? I think its any SUV over 5000 lbs can qualify as a farm vehicle and if you have your own business you can deduct the first $26,000 of it from your taxes and than depreciate the remainder over the next 3 years.

 

Yes,

see the previous threadSunset on Luxury Tax

 

You should have no problem using sec. 179. There is also a bonus 30% depreciation available because of the the 9/11 tax incentives. Check with your accountant.