SUV tax rebate...
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E500 4matic, 2014 GL320, 2013 C300, 2015 Stingray
SUV tax rebate...
Does ML qualify for this? Anyone know? I thought it was for vehicles over 3 tons, just don't konw if that's curb weight or GVW.
thx
Aceman
thx
Aceman
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From: Lake Oswego, OR
2020 GLE 450; 2023 BMW M2 Coupe
SUV tax deduction
Originally Posted by aceman
Does ML qualify for this? Anyone know? I thought it was for vehicles over 3 tons, just don't konw if that's curb weight or GVW.
thx
Aceman
thx
Aceman
http://www.irs.gov/businesses/small/...137022,00.html
MBWorld Fanatic!
Joined: Jul 2003
Posts: 6,770
Likes: 1,264
From: Lake Oswego, OR
2020 GLE 450; 2023 BMW M2 Coupe
SUV tax deduction
Originally Posted by aceman
Does ML qualify for this? Anyone know? I thought it was for vehicles over 3 tons, just don't konw if that's curb weight or GVW.
thx
Aceman
thx
Aceman
- We get hit by Alternative Minimum Tax (AMT), so in the end, it only makes a difference on our State return which has a tax rate of 9%.
- When you sell the vehicle, the sale price is figured as ordinary income, which may more than wipe out your savings if you don't get the Federal benefit up front.
Each person's situation may be different, so check with an accountant first.
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From: Philadelphia area
2010 ML550, 2010 E350 4M, 1966 Corvette Convt C2
Greg, You do not have to be self employed but must have a use for the vehicle in the day to day business without reimbursement. A business owner can also take this depreciation however the vehicle must be purchased by the business. In most cases a lease would be more beneficial as the entire lease payment can be deducted as a business expense. In my estimation this is actually the only situation where a lease makes any sense as the vehicle is being paid for by pre tax dollars.
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From: Buffalo NY
3 Porsche rotation
Interesting, I just had this conversation with my accountant yesterday. I am self-employeed and wanted to write off as much as possible with my new SUV. But he advise against large deduction due potential "Red Flag" by the IRS. He only advised maximum of 50% deduction if possible because of the issue with AMT(alternative minimum tax) also. I have to figure out the milage and percentage usage of the new SUV and report back to my accountant next week. I will get the full detail next week.
John
John
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From: Philadelphia area
2010 ML550, 2010 E350 4M, 1966 Corvette Convt C2
Originally Posted by JohnAMG
Interesting, I just had this conversation with my accountant yesterday. I am self-employeed and wanted to write off as much as possible with my new SUV. But he advise against large deduction due potential "Red Flag" by the IRS. He only advised maximum of 50% deduction if possible because of the issue with AMT(alternative minimum tax) also. I have to figure out the milage and percentage usage of the new SUV and report back to my accountant next week. I will get the full detail next week.
John
John
