| Author | Message | ||
     Bryan Crosby (Bcroz) Member Username: Bcroz Post Number: 100 Registered: 03-2002 |
Just bought a new 2003 D2 SE. Epsom Green with black leather. I take delivery on Tue. Between the tax write off (over 6000 lb gvwr = writing the whole purchase price off my top line income this year), the $4500 Rover rebate + the $2000 Rover loyalty rebate ($6500 total!) I get a great deal on a loaded SE. So my 95 Disco goes bye bye and I get a great new truck. | ||
| Lewis Jones (Cutter) Member Username: Cutter Post Number: 103 Registered: 10-2003 |
Congrats!! Thats a sweet colour combo, too! | ||
| Lee Morris (Longball4) New Member Username: Longball4 Post Number: 5 Registered: 07-2003 |
Bryan: What is the deal on the tax write off, our LR salesman asked me the same thing and I had no idea what he was talking about. Lee | ||
| Bryan Crosby (Bcroz) Member Username: Bcroz Post Number: 101 Registered: 03-2002 |
If you are self employed (real estate, building contractor, doctor etc) and buy anything with a 6000 lb gvw currently there is a tax loophole that allows you to deduct the entire purchase price of a new vehicle from your top line income. Translated, if you pay $35k for a new Rover and your income for the year is 100k, you can now show your income as $65k or if you look at it another way, you just saved yourself about $15,000 or more that you would pay uncle same on April 15 of 2004. | ||
| Dean Brown (Deanbrown3d) Senior Member Username: Deanbrown3d Post Number: 1005 Registered: 02-2002 |
Does this apply to a used vehicle also? | ||
| thom mathie (Muskyman) Senior Member Username: Muskyman Post Number: 428 Registered: 11-2002 |
nope...must be a new Vehicle...they thought it was paying for Heavy duty Pick-ups...its a tax incentive meant for farmers to spend money that they can borrow dirt cheap with the funds being guarenteed by the feds.Its based on the idea that the farmers will borrow more and support the economy by buying expensive gas guzzlers and bUy more fuel.(from Bush's buddies in the oil bus.) Some sly accountants figured they would blow the whistle that there was a loophole that any small business can do the same thing ,just without the federally backed loan. The good news is its real, and will at least be here for the tax year of 2003. So if you own a small business now is the time to go buy that 2004 w/CDL...combining the rebate,loyalty rebate,and the tax exempt status....makes a new truck almost cheaper then a base model honda  | ||
| Kelly Fristoe (Kfristoe) Member Username: Kfristoe Post Number: 101 Registered: 12-2002 |
Wrong there Muskyman. It's for used rigs as well. Check with your CPA. It come out of the IRS Code section 179. It's been around for several years. I took a deduction on my 2000 Disco when I bought it used in 2002. I wrote up to $24,000 of the purchase price off because that was the cap on what you could write off. For the tax year of 2003 that cap has been raised to $100,000. It has nothing to do with Farmers or Bush's buddies in the oil business. It has everything to do with every small business owner and people who are self employeed. It has everything to do with allowing us to to have a great tax break and an incentive to spend our own money on a vehicle instead of paying it to the government and they controlling where that money is spent. Can I get an AMEN! | ||
| Rick Neff (Lostinboston) Member Username: Lostinboston Post Number: 161 Registered: 06-2003 |
Ive been looking into thie loophole for a while, but havnt acted on it. I am assuming the vehicle has to be registered to the business. Is that true? Sounds like you got a great deal. I didnt get shit rebated when I bought my 2000. -Rick | ||
| Kelly Fristoe (Kfristoe) Member Username: Kfristoe Post Number: 102 Registered: 12-2002 |
If it's a small business entity and you want the business to own the vehicle then you can do that. I'm just a sole proprieter so the vehicle is registered in my name. It works either way. Do a search on IRS Section 179 and see for yourself what comes up. |
