johnny1

Has anyone purchased a GX470 and used it as a IRS deduction for the depreciation? The weight of the truck is over 6,000 lbs therefore qualifying it for the deduction for small business owners.

Just curious.

sickman

I did it last year for my business. Bought it on Oct 21 and 179'ed all $50K in '04, Pres Bush signed bill the next day, Oct 22 and from then on only $25K (or $30K?) can be 179'ed 1st year. The rest has be spread over next 5 years. However best to check with your accountant.

johnny1

Thanks for the response.

Gotta love America.

bunka

I 179 a portion of my truck to business and have another car for DEDICATED personal use. I bought mine in November of 2004 and therefore only took the first 25K plus a minor additional amount my accountant determined I qualified for. It is true that the balance of the cost is distributed over the next few years (I thought my accountant said it was 3 years but it may be five as I have not yet completed my taxes for 2005 yet). So, yes it does qualify but you do have to use it more than 50% for business in order to retain the qualification.