: Up to $100000 tax deduction?



airbalancer
05-31-04, 08:44 AM
Was watching 60 min yesterday, they said you could get up to $100000 detuction for buy a truck over 5000 lbs if you are a small business owner.
Is this true?

Msilva954
05-31-04, 10:01 AM
Yea its true.....everyother person in south florida has a Hummer cuz they take advantage of this offer.....it is tempting....maybe I should become a real estate agent.

Elvis
05-31-04, 10:07 AM
It's called "being a good American."

HotRodSaint
05-31-04, 03:19 PM
The SUV is a loop hole. It was done so the small farmers could buy a truck.

Dead Sled
05-31-04, 03:37 PM
last I knew it was 60,000

either way I dont have my own business yet

tru504187211
05-31-04, 05:12 PM
How legit and documented does this small business have to be?

Msilva954
05-31-04, 05:57 PM
Not very legit and not very documented....at least that is what Ive heard. We have a legit buisness that is run out of a warehouse (selfstorage) but im going to see if we can get this. The buisness is going to be expanded big time by me over the summer and I might do some at home and the warehouse is about 30 miles from here. Im going to see if we can get in this......difference is that we actually might need a truck. Realtors dont even need them and they get to take advantage of it.

LacSeville
05-31-04, 08:11 PM
in short, if you make $100,000 and buy a $40,000 SUV, you just saved $11,000 in taxes... but you still have to finance the full $40,000. haha my dad sells real estate and about 4 months ago, he bought a Z71 'Burban... makes sense now!

ppl my age would have a hard time getting financed for 40 large tho.

LacSeville
05-31-04, 08:12 PM
oh, and it really does help to have a nice ride when selling real estate.

airbalancer
05-31-04, 08:26 PM
But the truck has to be over 6000 lbs, so that mean people are buying larger cars to get the rebate, instead buying smaller cars that are more mpg

c5 rv
05-31-04, 08:47 PM
But the truck has to be over 6000 lbs, so that mean people are buying larger cars to get the rebate, instead buying smaller cars that are more mpg

That is essentially correct. The tax credit is intended for 3/4 ton and larger trucks, vans, and SUVs for small business folks like builders, plumbers, etc. A friend of mine is an independent consultant who wants to start building houses, so he recently bought a F-350. I don't think it was ever intended for realtors and soccer moms, but CPAs and the press are sure to point it out.

Msilva954
05-31-04, 10:03 PM
Soon the Gov will start doing something similar to the "fuel efficiant" cars later....Id rather see realtors and small home business people driving in Hybrid Ford Escapes then Super Giant Hummers.....but then it becomes image...at least Acura and Lexus are building Hybrid luxury cars soon.....Chrysler did already with that ?(MDS)? type thing...to a point.

LacSeville
05-31-04, 11:08 PM
it'd be a real thrill for clients to go looking for houses/property all day long in a hybrid echo. that's not a good way to make a sell! i guess it depends also upon where and what kinda property/houses you are marketing.

Msilva954
06-01-04, 09:48 PM
But thats the exact reason why Lexus is getting into the battle....then you got the diesel benzes.

MEJIA
06-02-04, 02:25 PM
oh, and it really does help to have a nice ride when selling real estate.

I must agree with you on this. I am also in the real estate buisness and what you say about having a nice ride is 100% true. :D

Mejia

davesdeville
06-02-04, 08:34 PM
So how much is a new Escalade these days? :lildevil: