IRS section 179 and the X5
 

All, I am a self-employed consultant whose main place of business is his home. My wife and I are considering an X5 and I understand that I maybe able to write off a nice portion of the cost since the GWVR is 6000lbs. Since it will be used 70% of the time for business, I understand that I will be able to write off 70% of the max ($25k) deduction? Is this correct? Are any of you all doing this? Thanks
-BJ

They closed that loophole a few years ago, you can still write off your lease payment thou. I wrote off my Range Rover this year but I couldn't write off 70% it was way less.

Yes you are correct and yes i am currently doing it. I get 100% deduction since its my only company car and i always use it for work. and its all legal

as of this april when i closed my 05 taxes that law was still on the books although back then i heard they were gonna change it soon for 06. As far as i know its still good for 06 but then again i havent checked into it since april. But i definately did it in 05.

Hmm yeah I was pissed off but life goes on

sorry but what were you pissed off about. Also what made you think that that law was changed a few years ago. Do you know for sure

Well I knew about the loophole so thats why I got that car in the first place. Then I bought the supercharged version vs the HSE because I wanted the additional write off but I wasn't able to write that much off because my accountant said it was reduced.

Oh. Yea that sucks. By the way 2 people i know own a SC RR sprt and one used to have a 4.4 and hates the RR and the other guy had a 4.6 and likes the RR but wishes he got a 4.8 instead. How do you like it?

I don't have it anymore, when Chuck and I split a few weeks ago I left it with him because I put it in his name so I wasn't stuck with 2 cars in case something like this happened, It was ok, very luxurious, love the look, disgusting reliability, i'd give it 3 out of 5 stars, I DEF love the X5 and am happy to be back in it, don't miss the RR at all

check with Phester, he's the tax guru here, but here is some info... http://www.selfemployedweb.com/suv-tax-deduction-4.htm