[TobyJohnson11]

Ok. I am looking to buy a new vehicle this year and want to take advantage of the tax write offs. A suv doesn’t get a much of a credit as does a truck. I am trying to find a loophole where I can get an EXT as my truck. Does the EXT have a midgate that folds down like the Avalanche? I think the bed has to be more than 6' long to get the tax break and the avalanche has more than 6' with the midgate down. Just wanted to see if the EXT could do the same thing.

Thanks Guys.

 

[Playdrv4me]

Identical.

 

[Punmax]

The EXT and Avalanche are basically the same trucks. Only difference is styling, and drive-train.

 

[TobyJohnson11]

Thanks for the replies. The Cadillac website doesn’t talk about it like the Chevy website does. I just wanted to make sure. Has anyone successfully claimed a full 179 deduction for your EXT? Wonder if the IRS thinks this is a truck or suv?

 

[Punmax]

Thanks for the replies. The Cadillac website doesn’t talk about it like the Chevy website does. I just wanted to make sure. Has anyone successfully claimed a full 179 deduction for your EXT? Wonder if the IRS thinks this is a truck or suv?

The EXT is listed as a sport utility truck.

 

[TobyJohnson11]

The EXT is listed as a sport utility truck.

Listed where? Unless the IRS calls it a truck it doesn’t matter if everyone else does. I think the IRS definition states that a truck has to have a 6' cargo area that is not easily accessible from the passenger compartment "truck bed" But the bed of a EXT isn’t 6' unless the midrate is open, then the bed is easily accessible from the passenger compartment, so I'm not sure it’s going to work. I need to call my CPA, but thought I would see if anyone else had done it or not.

 

[TobyJohnson11]

The EXT is listed as a sport utility truck.

Listed where? Unless the IRS calls it a truck it doesn’t matter if everyone else does. I think the IRS definition states that a truck has to have a 6' cargo area that is not easily accessible from the passenger compartment "truck bed" But the bed of a EXT isn’t 6' unless the midrate is open, then the bed is easily accessible from the passenger compartment, so I'm not sure it’s going to work. I need to call my CPA, but thought I would see if anyone else had done it or not.

 

[emoerman]

Double check with your tax pro, but with the 2010 bill signed in Decemeber, the same bill that provides lower social security witholdings in 2011. It includes a provision for bonus depreciation, 100% the first year for "heavy SUV's". Do a search for "bonus depreciation 2011 SUV". There are many articles explaining the loophole that has been created. I'm no tax advisor, but near as I can tell the vehicles your looking at excede 6000lbs and now does not matter if it has a bed or not. Any tax guys out there know more about this?

 

[TobyJohnson11]

Just got the word from my CPA. Any suv that weighs more than 6k gvw will qualify up to $25K. SUV's have a max deduction of $25K. However any truck that has a bed and weighs more than 6K is deductible up to $250K. SO I can buy a brand new EXT and write off the full amount as a 179 deduction!!!! Not saying I am going to do this, but I did write off 25K for my escalade a few years ago. I am trying to get more of break this year. Thanks for all the posts.