: Gas Guzzler Tax



samgar
01-06-12, 09:34 AM
Does anyone know if the Gas Guzzler Tax is deductable on the income tax return? Thanks for any help.

Sam:bigroll:

Gary Wells
01-06-12, 09:41 AM
I don't believe that it is.

thebigjimsho
01-06-12, 10:17 AM
Every tax is deductible.

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At least in my anti-tax mind...

mik2718
01-06-12, 11:20 AM
It's an excise tax, not a sales tax, and is not deductible. IRS Pub. 17, Table 22-1, is a reference for this.

WhoseCadillacIsThat
01-06-12, 11:40 AM
No, the gas guzzler tax is not deductible for a privately owned personal vehicle. (DAMMIT!) A business can deduct it....if the vehicle is solely used for the operation of the business.

thebigjimsho
01-06-12, 02:30 PM
hmm...

WhoseCadillacIsThat
01-06-12, 05:56 PM
hmm...

The wheels are going around......!

Gary Wells
01-06-12, 06:10 PM
Jim:
I smell smoke.
The IRS might be wanting to have a chat with you, but they will probably let you go for several years so they can drum up some interest.

J/K, TBJS

WhoseCadillacIsThat
01-06-12, 06:37 PM
Jim:
I smell smoke.
The IRS might be wanting to have a chat with you, but they will probably let you go for several years so they can drum up some interest.

J/K, TBJS

They're not really 'letting him go'. They never rush into anything, that's our job - just don't be late filing! Like a marble making it's way down a 'plinko' board.... takes a while but their delay is our penalty. Those Bastards! :stirpot:

thebigjimsho
01-07-12, 10:29 AM
Well, I do write off everything on my Town Car. Maybe I should slap my corp name on my V. Every drive I go on will be a business(advertising) trip...

WhoseCadillacIsThat
01-07-12, 11:09 AM
Well, I do write off everything on my Town Car. Maybe I should slap my corp name on my V. Every drive I go on will be a business(advertising) trip...

Sounds reasonable to me.... if the IRS is allowing it; go for it! They make the rules.... you're just trying to be a good citizen and take their write-offs!

jkviper
01-07-12, 05:59 PM
Doe not sound like it according to this thread:

http://www.teamshelby.com/forums/index.php?/topic/51543-write-off-gas-guzzler/

The gas guzzler tax is such a scam. You pay $2000 government extortion fee for a car that gets 19 mpg highway, but a SUV that gets the same mileage is exempt because it is a "Truck". Total BS of a tax.

WhoseCadillacIsThat
01-07-12, 07:06 PM
Doe not sound like it according to this thread:

http://www.teamshelby.com/forums/index.php?/topic/51543-write-off-gas-guzzler/

The gas guzzler tax is such a scam. You pay $2000 government extortion fee for a car that gets 19 mpg highway, but a SUV that gets the same mileage is exempt because it is a "Truck". Total BS of a tax.

There used to be laws against double jeopardy but the gubiment does it all the time.... Gas Guzzler Tax for a sport vehicle then Highway Taxes for the fuel it uses.... Ain't right!

Aw hell; what the hey; the world is coming to an end anyhow..... :banghead: ouch, ouch, ouch, ouch.....

stabie
01-07-12, 07:16 PM
Careful moving assets to a biz. I did that and the biz property tax bill wiped out any benefit and then some. In tx, figure a 2%/year or higher depending on county/school district bill for any biz property. For personal property, only real estate gets zapped, not cars. So double check all the side effects of moving it to biz property. In my case, I could easily make one of my cars be for biz only and meet the IRS rules. BUT, property tax rules override and make it a bad choice.