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Originally Posted by skarletknite
For example, say you spend $60,000 in 2006 to buy a new Cadillac Escalade that is used 100% in your business. You can generally claim the following first-year deductions on your business's 2006 federal return: the $25,000 Section 179 writeoff plus $7,000 worth of regular depreciation [20% x ($60,000 - $25,000)]. So your first-year depreciation deductions add up to $32,000, or about 53% of the new Escalade's cost. This is a far better deal than if you spent the same $60,000 on a new BMW used 100% for business (in that case, your first-year depreciation writeoff would be limited to about $3,000 under the so-called luxury auto depreciation limitations).
source: http://www.smartmoney.com/tax/workbu...=smallbusiness |
huh?? what is the difference between a bmw and escalade.... assuming the previous post is correct that the x5 counts as over 6000 lbs (can someone verify??), then there is no difference, right??
12-10-2006, 03:12 PM
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