Thursday 14th of December 2017 8:09:11 AM

  • Write Off Your Porsche?

    Wednesday 06th of February 2013 10:18:47 AM

    Wouldn’t it be nice to buy a brand new Porsche and receive a 100% write off? Yes it would! Well, according to the transitory tax cut deal (100% Bonus Depreciation), President Barack Obama and Republicans agreed to last December, now you can. Of course there are some stipulations.

    You can now write off the full purchasing price of NEW vehicles, even if it is a luxury vehicle, as long as the vehicle is being used 100% for business purposes and the vehicle’s gross weight is over 6000lbs. Vehicles used less than 100% of the time for business purposes may have a lower depreciation value.

    Eligible 2011 models include the Porsche Cayenne Turbo (MSRP: $106,000), the BMW X6 M (MSRP: $89,200) and the Ford Lincoln Navigator (MSRP: $62,635). For a more thorough list of which vehicles fall under these parameters it is advised to take this up with a tax professional.

    For more information on this matter please visit the IRS website and look up Section 179 of the tax code.

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