Any tax breaks left for buying an H2?

[OrangeCrush]

Originally Posted by robd1

whatever tax break is out there, you better be able to back it up on paper in case you get audited. If commuting to and from work does not count in the IRS?s eyes then it looks like you will need to have been keeping track of mileage,

Rob,

Thus the reason why when going through the menu for odometer, the H2's have a "business" and a "personal" way of tracking hours, mileage, gas used, etc....

BTW, mine is an '03 and the acct claimed whatever % was legal. (in reference to your '05 with 10K miles or under question)

Mark

[robd1]

Originally Posted by OrangeCrush

Rob,

Thus the reason why when going through the menu for odometer, the H2's have a "business" and a "personal" way of tracking hours, mileage, gas used, etc....

BTW, mine is an '03 and the acct claimed whatever % was legal. (in reference to your '05 with 10K miles or under question)

Mark

Does this personal/business option only work if you have Nav or is it a function in the odometer?

Rob

[robd1]

Ok my CPA called and confirmed the ?up to $25,000? first year write-off for business owners. He said there are variables that will influence the total but overall to expect around a $20-25k write-off. So Racer-X was dead on in his earlier post, thanks man.

The CPA also confirmed that commuting miles do not count. He said to log my miles and to be as detailed as possible which backs up what Mr. I-man was saying about his current audit. I asked him if badging out my hummer with company emblems/paint job would help but he discouraged it in my situation. He basically told me in so many words, to log and be able to backup what Mr. I-man said earlier. I?ve probably got several audit flags this year with starting a new business so I?m gonna play it by the numbers and just log everything.

So now the hard decision, should I spend $20-$25k to trade my 05? black loaded Ford Lariat (with 4k miles) for an 05? black H2 Lux SUT (with 4k miles)? Or do I keep my Ford and just pay the same $20k-$25k in taxes next year? Hmm?.

Rob

[HummBob]

Originally Posted by robd1

So now the hard decision, should I spend $20-$25k to trade my 05? black loaded Ford Lariat (with 4k miles) for an 05? black H2 Lux SUT (with 4k miles)? Or do I keep my Ford and just pay the same $20k-$25k in taxes next year? Hmm?.

Rob

TRADE IT

[Racer-X]

Originally Posted by HummBob

TRADE IT

X2

Holy sh*t my wife was right? Lucky guess.

[mikejr]

TRADE IT!