TAX Benefits

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TAX Benefits

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TAX Benefits - 3/28/2008 6:20:26 PM

spartyh2

Posts: 1
Joined: 3/28/2008
Status: offline

I have been reading a lot about the tax benefits of an H2. Could somebody please spell them out for me? Id liek to know what you can write off on a 2008 H2 with a sticker of 65k.

Post #: 1

RE: TAX Benefits - 3/28/2008 7:43:46 PM

3hummers

Posts: 11630
Joined: 9/23/2007
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Never tried to write mine off so I am not sure. Someone here will know.

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2006 H1 Alpha wagon
2000 H1 Slantback
1997 H1 wagon
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Post #: 2

RE: TAX Benefits - 3/28/2008 8:09:33 PM

LisaM

Posts: 103
Joined: 3/12/2008
Status: offline

I never wrote off anything with the purchase price, only business mileage. I was unaware of the tax benifits at the time I purchased it.

Lisa

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Post #: 3

RE: TAX Benefits - 3/29/2008 12:26:28 AM

HummBob

Posts: 15610
Joined: 5/6/2006
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Yeah, up here in Canada, I TRIED(my accountant) to write off my Rig but the Canadian Gov't VETOED that!! They said to be able to right off a VEHICLE it has to be CENTRAL to your business. ie) contractor who HAS to use it for tools and such, delivery, whatever.

I said I use it to PICK UP PRODUCT but they said I could have it delivered and it wasn't a good enough reason to write it off!!!

Well, the JOKES ON THEM!!!! I use a CORPORATE GAS CARD which, as we all know, will probably be MORE than the cost of the vehicle!!!

NAH NAH NA NAH NAH!!

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2004 Black Hummer H2

2007 Black Escalade

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Post #: 4

RE: TAX Benefits - 3/29/2008 6:50:01 AM

3hummers

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Joined: 9/23/2007
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Careful Hummbob, the tax guys have eyes and ears everywhere.

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2006 H1 Alpha wagon
2000 H1 Slantback
1997 H1 wagon
2008 H3 Alpha

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Post #: 5

RE: TAX Benefits - 3/29/2008 5:53:36 PM

ronb

Posts: 138
Joined: 11/9/2007
Status: offline

when I bought my h2 in '02 a large portion could be written off ($25k if I remember correctly) because it was considered a work truck. The curb wt had to be over 6000 lbs to qualify...not sure the tax "loophole" is still in place (section 179).

rb

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Post #: 6

RE: TAX Benefits - 3/30/2008 5:12:36 AM

Muddydawg75

Posts: 9945
Joined: 3/11/2007
From: South Jersey Shore
Status: offline

you could look at the threads listed under the quick reply on this thread for more info.... or use that dirty, dirty search feature....

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RE: TAX Benefits - 3/30/2008 5:42:21 AM

Trey124

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Joined: 7/20/2006
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I think that tax loop hole is now closed. It was only a tax break for the past few years, and it had to be a work truck.

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Post #: 8

RE: TAX Benefits - 3/31/2008 8:59:12 PM

thehammerh3

Posts: 314
Joined: 12/16/2007
Status: offline

Hey Guys,
Its still available at least in illinois, I was able to do it with my h2 last year and also did it with my h3 today (did my taxes late) and they said as long as the vehicle is strictly for work we are able to write it off as a promotional/advertisement vehicle. Its gonna be great in 2 months when I get back a huge check.

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2007 Hummer h2
2006 Hummer h3 Girlfriends birthday Present

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Post #: 9

RE: TAX Benefits - 3/31/2008 9:29:33 PM

3hummers

Posts: 11630
Joined: 9/23/2007
Status: offline

Hope you don't get an audit with that huge check also.

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2006 H1 Alpha wagon
2000 H1 Slantback
1997 H1 wagon
2008 H3 Alpha

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Post #: 10