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

[Judge Rufus]

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.

You have a weak imagination then.

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[Texas Sunshine]

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.

I was a health insurance agent for years and drove an F150 so I could write it off. I did use it over 50% for work due to driving to meet with clients. I could accelerate the depreciation if I needed more of a write off some years. The vehicle needed to be over 4,000 GWV.

 

[BattleBornBronco]

Another thing is that as an asset, you have continue to use it for >50% use so it's not a first year kind of thing. Then if you sell it, there might be recapture as income since you wrote off your depreciation as loss. Furthermore, if you say drive for Uber eats for half the year, you are not showing intent to make your business anything more than a side hustle, especially if you make less in your business use of your Bronco than your primary job. I was going to do it, but the hummer deduction is getting pretty tight. For those who have their own business, slap a sticker on it and call it advertising, for wage earners, section 179 is a risky play.

 

[Psybako]

You have a weak imagination then.

I don't, actually. Ford is going to be cranking out tens of thousands of Broncos per year. How many of those do you REALLY expect are going to be legitimately captured under section 179?

 

[Judge Rufus]

I don't, actually. Ford is going to be cranking out tens of thousands of Broncos per year. How many of those do you REALLY expect are going to be legitimately captured under section 179?

More than:

All the ones they manufacture
- less nearly every Bronco manufactured.

 

[Headsong]

I don't, actually. Ford is going to be cranking out tens of thousands of Broncos per year. How many of those do you REALLY expect are going to be legitimately captured under section 179?

Let's speculate: I'll say 20-30%.....

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