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Discussion Starter · #1 ·
Was reading a Land Rover ad touting the ablility to depreciate $35,600 the first year if you are a small business owner since the vehicle is over 6,000 lbs gross vehicle weight. Reminded me I had bought the Acadia with that thought in mind, since I have my own business.
I had been using a passenger car for business trips and using the standard deduction since I am reimbursed by the company for milage, but since I own the Acadia I need to look at this tax treatment and perhaps change what I do.
What is the general feeling of you other small business owners out there?? :confused:
 

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Discussion Starter · #2 ·
Hey, any Acadia forum members getting ready to do their taxes? Looking for some feedback :confused:
 

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I too own a small business. Have not started my taxes yet and I have not depreciated a vehicle for about 10 years now so not sure what the deduction is. I do remember when I did depreciate before that there was an option to use an accelerated depreciation schedule or a longer schedule. Not sure how the big deduction is calculated. I guess I will have to figure that out in the next couple months.
 

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The GMC Acadia Website says this car is eligble for the $25,000 Accelerated Depreciation (http://www.gmc.com/common/tax.jsp). I have my doubts as the car's unloaded weight is below the level IRS spells out in the tax code. The GMC doc says the Acadia is 6000lbs (with passengers and luggage) the Outlook site gives the cars real weight. I'm still going to try to get the deduction in 08 when my car is delivered, but my accountant will decide.
 

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We have small business (me and wife), so what is Depreciation deduction?

Thanks
 

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jvp1444 said:
The GMC Acadia Website says this car is eligble for the $25,000 Accelerated Depreciation (http://www.gmc.com/common/tax.jsp). I have my doubts as the car's unloaded weight is below the level IRS spells out in the tax code. The GMC doc says the Acadia is 6000lbs (with passengers and luggage) the Outlook site gives the cars real weight. I'm still going to try to get the deduction in 08 when my car is delivered, but my accountant will decide.
The deduction is for vehicles of gross vehicle weight over 6000 lbs and is no longer available after 2007.

TM
 

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jvp1444 said:
The GMC Acadia Website says this car is eligble for the $25,000 Accelerated Depreciation (http://www.gmc.com/common/tax.jsp). I have my doubts as the car's unloaded weight is below the level IRS spells out in the tax code. The GMC doc says the Acadia is 6000lbs (with passengers and luggage) the Outlook site gives the cars real weight. I'm still going to try to get the deduction in 08 when my car is delivered, but my accountant will decide.
For tax purposes the gross (fully loaded) weight is the figure that counts...though not for much longer.
 

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Discussion Starter · #8 ·
It is a nice incentive, my concern is with the recapture of the depreciation. I am planning on retiring in perhaps 3 years, and Section 179 of the IRS code says if business use drops below 50% you must add the $25K back into income that year! Not sure if I will do it, but makes sense for business users if you are not going to take the standard milage deduction, I believe $.52/mile next year. :confused:
 

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