TAXES WRITE OFF: GVWR needs to be 6,000 LBS!

[Lorenzo]

WILL THE BRONCO QUALIFY AS A TAX WRITE OFF? SEEMS JUST SHY OF THE 6000 LB NEEDED!!

• 4499-5226 lbs (2.3L EcoBoost engine)
• 4661-5320 lbs (2.7L EcoBoost engine)

https://www.marketwatch.com/story/h...on-taxes-buy-a-heavy-suv-or-pickup-2016-05-17

The Section 179 deduction and bonus deprecation deals are only available for an SUV, pickup, or van with a manufacturer’s gross vehicle weight rating (GVWR) above 6,000 pounds that is purchased
“Heavy” SUVs, pickups, and vans used over 50% for business are eligible for the first-year Section 179 depreciation write-off in the year they are first put to business use. In addition, new heavy vehicles are eligible for first-year bonus depreciation.

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[NotApplicable]

These look like curb weights to me. Some models are >6k GVWR.

 

[Lorenzo]

If the IRS goes off the manufacturer listing, I think we are disqualified.
What's the loophole? Load it up and go to a truck scale?

 

[Razorbak86]

WILL THE BRONCO QUALIFY AS A TAX WRITE OFF? SEEMS JUST SHY OF THE 6000 LB NEEDED!!

• 4499-5226 lbs (2.3L EcoBoost engine)
• 4661-5320 lbs (2.7L EcoBoost engine)

https://www.marketwatch.com/story/h...on-taxes-buy-a-heavy-suv-or-pickup-2016-05-17

The Section 179 deduction and bonus deprecation deals are only available for an SUV, pickup, or van with a manufacturer’s gross vehicle weight rating (GVWR) above 6,000 pounds that is purchased
“Heavy” SUVs, pickups, and vans used over 50% for business are eligible for the first-year Section 179 depreciation write-off in the year they are first put to business use. In addition, new heavy vehicles are eligible for first-year bonus depreciation.

Read the thread below for more relevant info. @Rick Astley gives some detailed clarifications on the issue...

https://www.bronco6g.com/forum/thre...bs-tax-deduction-for-some-trims-models.12513/

 

[North7]

Just add roof rails and PPF and your guaranteed to be over 6,000.

If not, the Rockstars will represent you at your audit.

 

[TroutHunter]

WILL THE BRONCO QUALIFY AS A TAX WRITE OFF? SEEMS JUST SHY OF THE 6000 LB NEEDED!!

• 4499-5226 lbs (2.3L EcoBoost engine)
• 4661-5320 lbs (2.7L EcoBoost engine)

https://www.marketwatch.com/story/h...on-taxes-buy-a-heavy-suv-or-pickup-2016-05-17

The Section 179 deduction and bonus deprecation deals are only available for an SUV, pickup, or van with a manufacturer’s gross vehicle weight rating (GVWR) above 6,000 pounds that is purchased
“Heavy” SUVs, pickups, and vans used over 50% for business are eligible for the first-year Section 179 depreciation write-off in the year they are first put to business use. In addition, new heavy vehicles are eligible for first-year bonus depreciation.

The GVWR of the Black Diamond 4-door Squatch is 6,180 lbs. Here is the sticker from the dealer event I was at last Thursday.

 

[vintage]

Here's the Chart

 

[Psybako]

There's a WHOLE lot more going on with section 179 than the GVWR. Vehicle weight is probably the least relevant qualifying factor with regard to how section 179 does or does not apply to (probably) >99% of all Broncos that will be sold.

 

[Texas Sunshine]

When I was self employed my vehicle had to be over 4000 GVW for me to write it off.

 

[Lorenzo]

There's a WHOLE lot more going on with section 179 than the GVWR. Vehicle weight is probably the least relevant qualifying factor with regard to how section 179 does or does not apply to (probably) >99% of all Broncos that will be sold.

DETAILS PLEASE

 

[Headsong]

4 door, 6 cyl, 10 speed are 6120 I recall...

 

[ZackDanger]

DETAILS PLEASE

Yeah. If you aren’t familiar with 179 you really need to talk to whomever is doing your business taxes. There’s some minutia and things that have changed...

I’m no accountant or tax lawyer, but how I interpret the law it wouldn’t allow me to write off the depreciation of the Bronco unless I was basically running a safari / sand dune tour business and not driving the Bronco around as my daily.

 

[Psybako]

DETAILS PLEASE

It's been said elsewhere, but I agree that the details need to be discussed with a tax professional rather than a random forum poster. That being said, I would imagine that the minimum 50% business use requirement will exclude nearly every Bronco manufactured from qualifying within this area of the tax code.

 

[Headsong]

I am one of those, and yes, you have to have a business, and you have to be using it predominately for biz, and it has to be over 6000# GVWR, of which ONLY the 4 door, V6, 10 speed do. Not hard to do. Most of my biz clients are up over 80%....and that allows you write off nearly off it in the year you get it. Makes it tough to tax plan for 2021 since there's an outside chance mine could be delivered by year end if we hit Legend's #'s and the order rate is 60% range and the supply chain fills....IF IF IF.

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