Like Tree0Likes

Truck Taxes

Reply
Old 01-14-2004, 01:40 PM
  #1
Registered
Thread Starter
 
CustomRigger101's Avatar
 
Join Date: Oct 2002
Location: Lighthouse Point Fl
Posts: 791
Default Truck Taxes

anyone know about this 6000GVW tax write off??
thanks
CustomRigger101 is offline  
Reply With Quote
Old 01-14-2004, 01:58 PM
  #2
Registered
 
impulsive's Avatar
 
Join Date: Aug 2003
Location: Boston, Ma
Posts: 1,481
Default

Yes. Basically anything over 6000gvw that is bought by a company can be written off 100% this year with no depreciation. However, there is a limit of $100,000. This does not just apply to trucks but also equipment that normally would have been depreciated. I am not sure of the dollar amount where items have to be depreciated but I think it is $10,000. I was planning on trading in one of my trucks in the spring for a new one and my accountant told me to do it before the first of the year because the laws may change this year.
impulsive is offline  
Reply With Quote
Old 01-14-2004, 02:00 PM
  #3
Steve_H
Guest
 
Posts: n/a
Default

alot of hummers being bought because of this
 
Reply With Quote
Old 01-14-2004, 02:24 PM
  #4
Registered
Thread Starter
 
CustomRigger101's Avatar
 
Join Date: Oct 2002
Location: Lighthouse Point Fl
Posts: 791
Default

ok here is what it is.. i have a truck that i bought this year and is over 6k.. but bought in Feb03 and i'm a 1099 person.. does that work and does it have to be a new truck??
CustomRigger101 is offline  
Reply With Quote
Old 01-14-2004, 04:42 PM
  #5
Registered
 
impulsive's Avatar
 
Join Date: Aug 2003
Location: Boston, Ma
Posts: 1,481
Default

I don't think it matters if its new or not. Being a 1099 person should not matter as long as you are listed as a business and have other deductions. I am assuming that your self employed?However, I would talk to a n accountant for details
impulsive is offline  
Reply With Quote
Old 01-14-2004, 05:29 PM
  #6
Registered
Thread Starter
 
CustomRigger101's Avatar
 
Join Date: Oct 2002
Location: Lighthouse Point Fl
Posts: 791
Default

cool.. it looks like i need some profesional help.. meaning cpa.. and maybe alittle work on the old mellon.. lol
CustomRigger101 is offline  
Reply With Quote
Reply

Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
formula1
General Boating Discussion
26
01-30-2005 09:22 AM
FastFountain44
General Boating Discussion
13
01-27-2005 11:01 PM



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 02:01 AM.


Copyright 2011 OffShoreOnly. All rights reserved.