tdiferrari

Hi guys,

I've been through numerous threads related to 6k lb tax depreciation, but have been getting mixed answers as to whether a pre-owned SUV, in this case a '10 Cayenne, would qualify for the $25k tax deduction, as a new one would? Roy

Shamus

New to you works - just watch the 50% personal use threshold.
As a taxpayer I'm very glad to subsidize your purchase.

seankrider

+1. As always, "check with your tax professional." But the answer is yes.

tdiferrari

That's what I suspected. Will do my due diligence. Thanks for the info.

yeldogt

I would check into this -- not my understanding - unless something has changed. It was not the case when I looked into this a few years ago - had to be new and qualify for the model year.

Also -- This is Federal .. not state. And don't forget the AMT

jtpsocal

It does NOT have to be new - only new to you. Also you can write off the full purchase price usually in one year IF you have sufficient net income (your not limited to $25k )

For example- Personally I've written off two (company four) Cayennes in the last 2 years 2009 had a $250k cap (wrote off two of them for each partner) however in 2010 your able to go up to $500k limit so the whole thing gets written off (any amounts over $250k are good) (and again two Cayenne Turbos) ..plus sales tax written off. If your not getting this you need a new CPA

yeldogt

Just to clarify ...... 179 can be new or "new to you" but it must be buisness use at least to 50% .... This little item is important.

Sorry ...I ran into the problem with "Bonus Depreciation" - this must be new and is comes into play after the 179.

The "buisness use" limit is only a problem for all the doctors and lawers who write off 125k vehicles ........and then get audited. Otherwise -- it works great

tdiferrari

Yes, it will be a business deduction.

Funny you mention it - have a physician friend who writes off his Aston...