IRS deduction
#1
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Has anyone claimed the GX470 as an "over 6,000 lb" section 179 deduction for small business owners. The code section says the vehicle must be built on a truck chassis and I haven't been able to verify that the GX qualifies. Thanks...
#2
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Yes but there are a couple of notes regarding below....
It qualifies but now only for the 179 limited $25K deduction in 1st year + depreciation (total about $29K in year 1). If buying a new one you're fine. If buying used, you need to double check the mfg plate. IIRC, the 1st year (maybe more) GXs were mis-labeled/classified and showed under the 6000GVWR (5900 ? or something around there). There were a few lawsuits over it too I think....
In general terms, you only get the $25K + depr deduction in year 1 not the full 100% 179 deduction unless (and I'm paraphrasing here since I'm not a tax professional)....
the "vehicle" has at least a 6' bed and/or separate cargo area of x size not directly accessible from the driving cabin, or can hold at least 9 passengers (or something close to that - like a hotel shuttle van) behind the driver.
The GX is one of many SUVs that qualify. You might try a google search on Section 179 SUVs to find a complete listing or your tax professional should have a listing.
It qualifies but now only for the 179 limited $25K deduction in 1st year + depreciation (total about $29K in year 1). If buying a new one you're fine. If buying used, you need to double check the mfg plate. IIRC, the 1st year (maybe more) GXs were mis-labeled/classified and showed under the 6000GVWR (5900 ? or something around there). There were a few lawsuits over it too I think....
In general terms, you only get the $25K + depr deduction in year 1 not the full 100% 179 deduction unless (and I'm paraphrasing here since I'm not a tax professional)....
the "vehicle" has at least a 6' bed and/or separate cargo area of x size not directly accessible from the driving cabin, or can hold at least 9 passengers (or something close to that - like a hotel shuttle van) behind the driver.
The GX is one of many SUVs that qualify. You might try a google search on Section 179 SUVs to find a complete listing or your tax professional should have a listing.
Last edited by BurgBoxstr; 01-31-08 at 03:03 PM.
#3
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Do a search on this forum, there are several threads that go into excruciating detail over the controversy the 1st year. As I recall, it boiled down to the fact that the early GX's were labeled as 6,000 lbs, but to get the tax benefit you had to be OVER 6,000 lbs, thus 6,000 was a pound short
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