2007 Super Duty
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Tuned
Joined: Sep 2003
Posts: 374
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From: Sandy Springs, GA
Originally Posted by 04F250CC60
What ever do you mean??? My 550 twists 4.88's!
Ken, the tax break expires 12-31-04 on the big trucks (unless extended). I agree the '05 is a nice upgrade from the '04's and before.
Did everyone see that Ford will break their old record for F-series trucks sold in one year (~913K)? Chevy sales were slightly down (~700K), Tundra sold about 100K, and the Titan at around 80K (on a 100K goal). Congrats!
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Tuned
Joined: Sep 2003
Posts: 374
Likes: 0
From: Sandy Springs, GA
Tax breaks for business use of a vehicle: The Tax Relief Act of 2003 allows the deduction of up to $100,000 of the actual cost of trucks (esp. Fords 
) with a gross vehicle weight rating that exceeds 6,000 pounds (or greater, perfect for a SD).
You completely deduct the first $25,000 plus a 50% bonus depreciation of the balance. After the first year you get the normal write-offs (depreciation, expenses).
The bonus expires (unless extended retroactive; next year) on 12-31-04.
Bottom line: My '04 F350 cost me a net of $15K (out of pocket, net of rebates and tax savings).
Disclaimer: See your tax expert.
Why drive a Ranger when you can drive a SD for less?
) with a gross vehicle weight rating that exceeds 6,000 pounds (or greater, perfect for a SD).You completely deduct the first $25,000 plus a 50% bonus depreciation of the balance. After the first year you get the normal write-offs (depreciation, expenses).
The bonus expires (unless extended retroactive; next year) on 12-31-04.
Bottom line: My '04 F350 cost me a net of $15K (out of pocket, net of rebates and tax savings).
Disclaimer: See your tax expert.
Why drive a Ranger when you can drive a SD for less?
Senior User
Joined: Feb 2003
Posts: 191
Likes: 0
From: Huntsville
Originally Posted by 95CobraR
Tax breaks for business use of a vehicle: The Tax Relief Act of 2003 allows the deduction of up to $100,000 of the actual cost of trucks (esp. Fords ) with a gross vehicle weight rating that exceeds 6,000 pounds (or greater, perfect for a SD).
You completely deduct the first $25,000 plus a 50% bonus depreciation of the balance. After the first year you get the normal write-offs (depreciation, expenses).
The bonus expires (unless extended retroactive; next year) on 12-31-04.
Bottom line: My '04 F350 cost me a net of $15K (out of pocket, net of rebates and tax savings).
Disclaimer: See your tax expert.
Why drive a Ranger when you can drive a SD for less?
) with a gross vehicle weight rating that exceeds 6,000 pounds (or greater, perfect for a SD).You completely deduct the first $25,000 plus a 50% bonus depreciation of the balance. After the first year you get the normal write-offs (depreciation, expenses).
The bonus expires (unless extended retroactive; next year) on 12-31-04.
Bottom line: My '04 F350 cost me a net of $15K (out of pocket, net of rebates and tax savings).
Disclaimer: See your tax expert.
Why drive a Ranger when you can drive a SD for less?
Thanks in advance!
Last edited by GT350Mike; Dec 29, 2004 at 09:16 PM.
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Joined: Nov 2002
Posts: 1,222
Likes: 4
From: Texas
GT350Mike--I'm in same situation as you--sales rep/allowance + gas--and I used it on my '03 return. Its pretty complicated--but basically you have to use your vehicle over 50% (miles) on business and it has to be over 6K GVRW. If you didn't buy one by tonight, I believe its gone, unless they resurrect it.
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Senior User
Joined: Feb 2003
Posts: 191
Likes: 0
From: Huntsville
I talked with my CPA on the 30th and he told me "nice try", but no can do. About 70% to 80% of my total mileage is business but I still would not qualify. Its a dead horse now but if you have a different spin on how to make this work, let me know!
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