TAX loop hole - does the GX qualify
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Lexus Test Driver
Joined: Dec 2001
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From: New Jersey
TAX loop hole - does the GX qualify
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.
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.
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