Since I am using mine to drive 95% for business (LOL) we are claiming the deduction. I have a number of friends who have done this sucessfully, first you need to be in a contracting or independent business owner to do it, i.e. get MISC 1099 as your source of income if you work for others, or totally be independent. For example I have a job that I get a W2 but also do independent contract work as well. You can not do it if you work for someone else and get only the normal old W2. As long as the purchase is made in the year of the deduction, up to 31 Dec 2002. It is a tax loop hole. That is why lots of high dollar earners have Suburbans and Tahoes or big pick ups. Most of the vehicles like this are eligible. We have looked VERY closely at this deduction and reviewed it with our accounting firm, the result being it is totally deductable and legal. The remaining cost is depreciated over the next 5 years. So it is 24 or 25 grand off the tax owed. I must admit, this fact was a major decision factor for our purchase of the H2.
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12-19-2002, 10:50 AM
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