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06-14-2006, 01:17 AM
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Hummer Novice
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Join Date: May 2006
Posts: 11
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Re: Any tax breaks left for buying an H2?
Oh well, that's better than nothing. I read somewhere that there was still a $10K deduction but they must have done away with that if it ever existed. I was just checkin
Rob
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06-14-2006, 01:40 AM
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Hummer Authority
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Join Date: May 2006
Location: South Western PA
Posts: 1,433
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Re: Any tax breaks left for buying an H2?
Check with your accountant, the tax break for heavy SUV's still exists albeit a bit smaller than past years. If I recall correctly our corporate CPA said we can write off between $24K and $28K in the first year of ownership and then the balance in subsequent years on a proportional basis. We've used the heavy SUV writeoff extensively in the past 3 years.
__________________
2009 H2 Silver Ice LE
2008 H2 Lux Series, Slate Blue, everything but the air suspension - sold
2006 H2 Lux Series, Uplevel Chrome, DVD's, Slate Blue, Sun Roof - sold
"If Life Gives You Limes, Make Margaritas" - Jimmy Buffett
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06-14-2006, 02:01 AM
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Hummer Authority
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Join Date: Jan 2006
Location: Staind.com
Posts: 1,239
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Re: Any tax breaks left for buying an H2?
First, you must be business owner or use it for work (commuting does NOT count).
You can write off the sales tax if your not using for business, but, if your state income tax withholding is more than the sales tax you won't get any benefit.
Second, the laws DID change recently. Used to be you could write off 100% in the first year. Now it's limited to 25K the first year and you depreciate the balance over time.
Heres more info - http://www.irs.gov/businesses/small/...137022,00.html
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06-14-2006, 02:16 AM
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Hummer Authority
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Join Date: May 2006
Location: South Western PA
Posts: 1,433
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Re: Any tax breaks left for buying an H2?
good clarification there, guess i just assumed that they would have known about having to use it for business/work purposes. That deduction has saved us a ton in tax exposure over the years, lets just hope they dont reduce it even further with the pressure from the treehuggers.
__________________
2009 H2 Silver Ice LE
2008 H2 Lux Series, Slate Blue, everything but the air suspension - sold
2006 H2 Lux Series, Uplevel Chrome, DVD's, Slate Blue, Sun Roof - sold
"If Life Gives You Limes, Make Margaritas" - Jimmy Buffett
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06-14-2006, 03:07 AM
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Hummer Authority
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Join Date: Jan 2006
Location: Staind.com
Posts: 1,239
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Re: Any tax breaks left for buying an H2?
Makes no difference to me  I bought mine in 02 and wrote off 100%.
I had 25k in the bank with quarterlies due. Wife gave me a choice, give it to the IRS or give to the dealership - a no brainer eh? 
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06-15-2006, 02:55 AM
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Hummer Authority
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Join Date: May 2006
Location: South Western PA
Posts: 1,433
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Re: Any tax breaks left for buying an H2?
it is a no brainer....i'd rather drive an H2 than pay uncle sam....at least i have fun with my money with the H2
__________________
2009 H2 Silver Ice LE
2008 H2 Lux Series, Slate Blue, everything but the air suspension - sold
2006 H2 Lux Series, Uplevel Chrome, DVD's, Slate Blue, Sun Roof - sold
"If Life Gives You Limes, Make Margaritas" - Jimmy Buffett
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06-15-2006, 11:52 AM
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Hummer Guru
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Join Date: Oct 2005
Location: Charlotte, NC
Posts: 2,767
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Re: Any tax breaks left for buying an H2?
Unless I misunderstood what my accountant said but she told me last year she wrote off 25% of my H2.
I was told that you used to be able to write off 100% but last year they changed it and you can still deduct up to 25%.
Mark
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