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Truck shopping and taxes
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<blockquote data-quote="Arnold Ziffle" data-source="post: 35448" data-attributes="member: 43"><p>I think that Dun and the rest of you are talking about two different things. For federal income tax purposes the 6,000 pound rating is the key in order to avoid the "luxury car" rules for depreciation. Virtually all full size trucks (half ton on up) are large enough to avoid the luxury car rules. The much touted $100,000 first year deduction has been greatly advertised by auto dealers, who unscrupulously avoid mentioning (or hide in very tiny print) that the 100% deductibility for tax purposes is only available if the vehicle is used 100% for business purposes. I dare say that absolutely no "part-timers" and really precious few (most probably NONE) of the full-timers could really substantiate 100% business use if they had to.</p></blockquote><p></p>
[QUOTE="Arnold Ziffle, post: 35448, member: 43"] I think that Dun and the rest of you are talking about two different things. For federal income tax purposes the 6,000 pound rating is the key in order to avoid the "luxury car" rules for depreciation. Virtually all full size trucks (half ton on up) are large enough to avoid the luxury car rules. The much touted $100,000 first year deduction has been greatly advertised by auto dealers, who unscrupulously avoid mentioning (or hide in very tiny print) that the 100% deductibility for tax purposes is only available if the vehicle is used 100% for business purposes. I dare say that absolutely no "part-timers" and really precious few (most probably NONE) of the full-timers could really substantiate 100% business use if they had to. [/QUOTE]
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