Advantages of 2016 Delivery

[Deleted member 12951]

The 179 code deduction in my state allows you to take up to $25k in one year. I depreciate the rest fully over the next 4 years. Property tax is a wash, I either don't have to pay it one year vs. the other but in the end, it doesn't matter, you will still pay your property tax.

The only thing I do not like about the tax code is when I sell my truck that I fully deprecated. If I sell it private party, that amount I have to claim as income therefore paying income tax. Even if I use all that money towards another truck. If I trade it in, then I just get to depreciate the difference on my books over the years and repeat. Depending on your tax bracket, it doesn't make sense to sell it privately, I have done the math.

 

[ldhacker]

Does the bed extender make it qualify to 6' bed?

 

[SilentShooter]

The 179 code deduction in my state allows you to take up to $25k in one year. I depreciate the rest fully over the next 4 years. Property tax is a wash, I either don't have to pay it one year vs. the other but in the end, it doesn't matter, you will still pay your property tax.

The only thing I do not like about the tax code is when I sell my truck that I fully deprecated. If I sell it private party, that amount I have to claim as income therefore paying income tax. Even if I use all that money towards another truck. If I trade it in, then I just get to depreciate the difference on my books over the years and repeat. Depending on your tax bracket, it doesn't make sense to sell it privately, I have done the math.

You can gift or sell to yourself for cheap from the company and get around that tax claim. Just moved mine from the company name to just my name this summer. So now I can really mod it and no liability to the company

 

[u0104940]

You can gift or sell to yourself for cheap from the company and get around that tax claim. Just moved mine from the company name to just my name this summer. So now I can really mod it and no liability to the company

Exactly.

 

[fijidaniel]

And not all states charge personal property tax on vehicles.

 

[Deleted member 12951]

You can gift or sell to yourself for cheap from the company and get around that tax claim. Just moved mine from the company name to just my name this summer. So now I can really mod it and no liability to the company

I am an LLC. I am moving to INC for 2017. Yeah, I get it.

 

[Miker397]

And not all states charge personal property tax on vehicles.

I paid $35 a year per car (5) in Ohio. Now that I moved to Michigan I pay over $2k a year for the same cars bc they tax based on original sales price even if I bought it used. Absolutely insane. What's next, annual tax on my home stereo? They don't do this for watercraft or power sport toys at least.

 

[SilentShooter]

I paid $35 a year per car (5) in Ohio. Now that I moved to Michigan I pay over $2k a year for the same cars bc they tax based on original sales price even if I bought it used. Absolutely insane. What's next, annual tax on my home stereo? They don't do this for watercraft or power sport toys at least.

When I was in Colorado I almost picked up a Dealer Demo Evora S 2+2. Its MSRP was just over $90k but as a demo it would have been 72k my cost. Then I found out that Colorado charges registration based on MSRP and said F that. They take 85% of msrp and then charge over 2% of that for plates and then each year it goes down a small % till it hits the minimum they allow. Here in FL I pay under $200 for two years of registration and CO wanted like $1800 for 1 year.

A new Raptor in CO at least qualifies I think under the 75% of MSRP rule due to weight.

 

[Miker397]

Sounds similar enough to Michigan. Needless to say it was a shock when my registration went from $175 to $2200 or so for my vehicles, plus an even greater difference in insurance premiums because Michigan is the worst in the nation with their bulllshit PIP laws.

 

[jooooby]

From my understanding the bed extender works to make it over 6'. Also if you have company stickers/vinyl on the vehicle it automatically applies as well.