it's a depreciation right? - Saab General Bulletin Board - Saabnet.com
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it's a depreciation right?
Posted by jp (more from jp) on Thu, 13 Nov 2003 03:43:56
In Reply to: $100,000 tax deduction...obscene !, Ravi, Wed, 12 Nov 2003 10:00:01
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I got a fancy letter from Ford saying I was "chosen as a special executive" who could get a rebate on a new Land Rover or Jag. The made sure to mention the tax benefits of the disco-II and that I should speak to an accountant to learn more. I have little interest in a Land Rover, and a lust for Jags, but no plans to buy new ones.
I'm not an accountant type, but I thought the deal was you could depreciate heavier vehicles in one year instead of a traditional depreciation schedule, which was where the tax "savings" comes from. You have a good year financially, and depreciate your new SUV instantly so that your resulting income would appear to be substantially less.
Many self employed guys in the lobster fishing business get new vehicles regularly to compensate for unexpected income if the lobster fishing turns out to better than expected. (Catch can vary dramatically due to small temperature fluctuations, regulations, and other natural phenomena). As a result, it's a symbol of status and fishing skill if you have a shiny V8 truck or SUV.
posted by 69.39.1...
Posts in this Thread:
- $100,000 tax deduction...obscene !, Ravi, Wed, 12 Nov 2003 10:00:01
- it's a depreciation right?, jp, Thu, 13 Nov 2003 03:43:56 <-- Viewing This Message
- I misspoke--The REPEAL of the $100k deduction..., Saabing in KS, Wed, 12 Nov 2003 12:34:10
- I heard this was in a PROPOSED version of the..., Saabing in KS, Wed, 12 Nov 2003 12:29:31
- Old news plus it did not make it, Nathaniel, Wed, 12 Nov 2003 10:18:27
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