Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 09-27-2012, 06:56 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
How are Trucks, Vans and SUV treated for depreciation purposes if their Gross Vehicle Weight exceeds 6,000 pounds?

Per the IRS, "All trucks, vans, and SUVs with loaded gross vehicle weight in excess of 6,000 pounds are not treated as luxury automobiles for depreciation purposes."

Taxpayers are allowed to depreciate such vehicles using the same rules as any other five-year asset, including 50% bonus depreciation, except that Sec. 179 is limited to no more than $25,000.

the IRS states that "even though such vehicles are not subject to the luxury auto depreciation limitations, they are still considered to be listed property." But, all relevant supporting documentation must be maintained and reported on Form 4562, page 2.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



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

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


Similar Threads
Thread Thread Starter Forum Replies Last Post
How much can be written off a new Acura SUV that I have used 75% for business, in 2011 that was purchased for $46,000 (weight exceeds 6k lbs)? ebenda Auto Expenses 1 02-06-2012 03:42 AM
Are Social Security benefits taxable for New Jersey gross income tax purposes? TaxGuru New Jersey 0 01-15-2012 05:51 PM
What are Section 1256 Contracts and how are the gain and losses treated for tax purposes? TaxGuru Capital Gains 0 01-21-2011 01:38 PM
IRS offers huge Tax Breaks in 2008 for buying an SUV whose weight exceeds 6,000lbs! TaxGuru For 2008 1 12-22-2008 11:06 PM
How are partners of a partnership treated for Tax purposes? Tanya Limited Liability Company 0 01-14-2008 08:07 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.