TAX loop hole - does the GX qualify
#1
Lexus Test Driver
Thread Starter
![Default](https://www.clublexus.com/forums/images/icons/icon1.gif)
I heard about this tax loop hole for certain SUV's that are over 5000 lbs.
I hear you can deduct $26,000 of the first year off your taxes if you get into a larger SUV. Does anyone know if the GX meets this criteria? I think its any SUV over 5000 lbs can qualify as a farm vehicle and if you have your own business you can deduct the first $26,000 of it from your taxes and than depreciate the remainder over the next 3 years.
I hear you can deduct $26,000 of the first year off your taxes if you get into a larger SUV. Does anyone know if the GX meets this criteria? I think its any SUV over 5000 lbs can qualify as a farm vehicle and if you have your own business you can deduct the first $26,000 of it from your taxes and than depreciate the remainder over the next 3 years.
#2
Thread
Thread Starter
Forum
Replies
Last Post