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Started By
Message
Credit for purchasing SUV over 6,000 lbs?
Posted on 12/18/23 at 8:30 pm
Posted on 12/18/23 at 8:30 pm
I’m meeting with my accountant later this week, but what’s the general setup of this tax credit? Quick google suggests 80% of the net purchase price (after trade-in) is deductible?
6
Posted on 12/18/23 at 8:43 pm to boosiebadazz
Nevermind; found Section 179
Posted on 12/18/23 at 10:02 pm to boosiebadazz
Tik Tok finance gurus love to mislead people about this one
Posted on 12/19/23 at 12:07 am to boosiebadazz
quote:
I’m meeting with my accountant later this week, but what’s the general setup of this tax credit? Quick google suggests 80% of the net purchase price (after trade-in) is deductible?
I’ve never heard of a tax credit for purchasing a vehicle outside of an electric one.
Posted on 12/19/23 at 5:42 am to Rize
It’s a tax deduction in lieu of mileage write offs, not a tax credit.
Posted on 12/19/23 at 5:45 am to Thundercles
quote:
Tik Tok finance gurus love to mislead people about this one
the dude who does my wife’s hair told her about it and she brought it to me. I read up on it a bit last night and have an email in to our actual accountant 
Posted on 12/19/23 at 6:45 am to boosiebadazz
Are you a business owner?
Posted on 12/19/23 at 7:26 am to boosiebadazz
It’s bonus depreciation and will only apply if you bought the vehicle for business purposes. It’s 80% of the net purchase price for qualifying vehicles placed in service By end of year. Even then if you use it for both personal and business you can only take the ratio you use it for business.
As another poster pointed out, you can’t take this AND mileage. Only one or the other.
As another poster pointed out, you can’t take this AND mileage. Only one or the other.
This post was edited on 12/19/23 at 7:29 am
Posted on 12/19/23 at 9:39 am to boosiebadazz
Baw getting a Range Rover?
Posted on 12/19/23 at 9:49 am to SLafourche07
I am.
Posted on 12/19/23 at 9:50 am to horsesandbulls
Is there a cap?
Posted on 12/19/23 at 9:50 am to TigerTatorTots
Not this go ‘round. Sensible and safe Volvo most likely
Posted on 12/19/23 at 12:58 pm to boosiebadazz
Not really a cap. But, you’ll have depreciation recapture if you exchange it or sell before the depreciation would have been realized.
Next year it drops to 60% and then goes down again each year by 20% and phases out after 2026.
Next year it drops to 60% and then goes down again each year by 20% and phases out after 2026.
Posted on 12/19/23 at 2:46 pm to horsesandbulls
Does the trade in have anything to do with the value of the asset or is it just about the actual price of the vehicle?
Posted on 12/19/23 at 7:00 pm to boosiebadazz
80% now
Down to 60% next year. No cap on the over 600k
Now you know why everyone is buying GWagons
Down to 60% next year. No cap on the over 600k
Now you know why everyone is buying GWagons
Posted on 12/19/23 at 7:55 pm to horsesandbulls
That sucks
Posted on 12/19/23 at 8:39 pm to N2cars
quote:
Even then if you use it for both personal and business you can only take the ratio you use it for business.
As another poster pointed out, you can’t take this AND mileage. Only one or the other.
And that's true for the remainder of owning the vehicle while it's in business use. You'll have to keep gas receipts each time you fuel up every year moving forward and then allocate your ratio to your total gas and vehicle maintenance spend.
This post was edited on 12/19/23 at 8:39 pm
Posted on 12/20/23 at 12:34 pm to WhoGeaux
It’s on your basis in the vehicle. The feds aren’t idiots. If you purchase 100k vehicle and got 20k for a trade in the basis is 80k so that’s where it starts.
Forgot to do this: consult your cpa before acting on any advice in this thread.
Forgot to do this: consult your cpa before acting on any advice in this thread.
This post was edited on 12/20/23 at 12:39 pm
Posted on 12/20/23 at 1:07 pm to horsesandbulls
Will I have to do detailed record keeping on gas and service like the guy above you said?
This post was edited on 12/20/23 at 2:25 pm
Posted on 12/20/23 at 8:04 pm to boosiebadazz
quote:
Will I have to do detailed record keeping on gas and service like the guy above you said?
Yes, keep every receipt
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