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View Full Version : How many use the tax deduction for GVW?


mdoyle
10-06-2006, 04:44 PM
The other day at Starbucks a gal was ribbing me about "peak oil" and my H2 being a gas hog, nothing mean, just a different point of view.

I said, you wanna know one of the best things about a gas hog like the H2? It weighs so much you can actually deduct it's cost from your taxes!

So, how many here use the GVW deduction and how do you use it? I've got an accountant to ask, but there's a fee for that :)

DDWH
10-06-2006, 04:53 PM
You have to own your own company....

25K first year pretax.

Percentage of remaining each year thereafter until it zeros.

Every dime you spend on it is a writeoff aswell....gas, oil, tires, etc.

SDH3
10-07-2006, 01:33 AM
Was nice when it was a 100k!

mikejr
10-09-2006, 11:21 PM
been using it for years....gotta love it!