SUV Tax Incentives
01-26-2011, 12:56 AM
#1
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SUV Tax Incentives
Recall last year (for some odd reason) the gov't was offering a tax incentive for SUV purchases. Anyone here who purchased a 2011 SUV know if this "program" is still effective in 2011?
01-26-2011, 04:36 PM
#2
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The "Section 179" deduction for expensing a significant portion of the purchase price of equipment in the year in which it was placed in service was renewed for 2011. A Cayenne does qualify as an SUV with a GVWR of greater than 6000 lbs.
Limits for SUVs or Crossover Vehicles with GVWR above 6,000lbs
Certain vehicles - with a gross vehicle weight rating above 6,000 lbs but no more than 14,000 lbs - qualify for expensing up to $25,000 (vs. 11,060 for passenger vehicles) if the vehicle is financed and placed in service prior to Dec 31st and meets other conditions.
See the link below for a detailed explanation.
SECTION 179 Business Vehicles
Limits for SUVs or Crossover Vehicles with GVWR above 6,000lbs
Certain vehicles - with a gross vehicle weight rating above 6,000 lbs but no more than 14,000 lbs - qualify for expensing up to $25,000 (vs. 11,060 for passenger vehicles) if the vehicle is financed and placed in service prior to Dec 31st and meets other conditions.
See the link below for a detailed explanation.
SECTION 179 Business Vehicles
01-30-2011, 08:39 PM
#4
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Actually Jes- you can expense up to $500k for 2010 and 2011.
Section 179 Guidelines
For the 2010 and 2011 tax years, a business can write off up to $500,000 of qualified equipment placed in service within the tax year. The deduction phases out when a business purchases more than $2 million in one year. (Companies can not write off more than their taxable income). Equipment acquisitions totaling $2.5 million or more do not result in any Section 179 deduction.
http://financewithafp.com/blog/?tag=section-179
So yeah you can write off that 2011 Cayenne Turbo fully loaded all in one year. I've done it twice in the last two years.
Section 179 Guidelines
For the 2010 and 2011 tax years, a business can write off up to $500,000 of qualified equipment placed in service within the tax year. The deduction phases out when a business purchases more than $2 million in one year. (Companies can not write off more than their taxable income). Equipment acquisitions totaling $2.5 million or more do not result in any Section 179 deduction.
http://financewithafp.com/blog/?tag=section-179
So yeah you can write off that 2011 Cayenne Turbo fully loaded all in one year. I've done it twice in the last two years.
01-30-2011, 09:17 PM
#5
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Hope you don't get audited. There are very specific liimits for Vehicles that can be fully expensed in the first year (above $25K).
They include heavy “non-SUV” vehicles with a cargo area at least six feet in interior length (many pickups with full-sized cargo beds will qualify), vehicles that can seat nine-plus passengers behind the driver's seat vehicles ie: a classic cargo van.
Don't think a Cayenne Turbo counts.
They include heavy “non-SUV” vehicles with a cargo area at least six feet in interior length (many pickups with full-sized cargo beds will qualify), vehicles that can seat nine-plus passengers behind the driver's seat vehicles ie: a classic cargo van.
Don't think a Cayenne Turbo counts.
Actually Jes- you can expense up to $500k for 2010 and 2011.
Section 179 Guidelines
For the 2010 and 2011 tax years, a business can write off up to $500,000 of qualified equipment placed in service within the tax year. The deduction phases out when a business purchases more than $2 million in one year. (Companies can not write off more than their taxable income). Equipment acquisitions totaling $2.5 million or more do not result in any Section 179 deduction.
http://financewithafp.com/blog/?tag=section-179
So yeah you can write off that 2011 Cayenne Turbo fully loaded all in one year. I've done it twice in the last two years.
Section 179 Guidelines
For the 2010 and 2011 tax years, a business can write off up to $500,000 of qualified equipment placed in service within the tax year. The deduction phases out when a business purchases more than $2 million in one year. (Companies can not write off more than their taxable income). Equipment acquisitions totaling $2.5 million or more do not result in any Section 179 deduction.
http://financewithafp.com/blog/?tag=section-179
So yeah you can write off that 2011 Cayenne Turbo fully loaded all in one year. I've done it twice in the last two years.
