Im seriously considering buying a H2 SUT. Am I losing it.
However it is one helluva Tax Write OFF!
any reasons why I shouldn't?
:eek: Please help I think Im losing my VX Religion
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Im seriously considering buying a H2 SUT. Am I losing it.
However it is one helluva Tax Write OFF!
any reasons why I shouldn't?
:eek: Please help I think Im losing my VX Religion
I guess it would help to know why you ARE considering it... you know, to help with your insanity! ;)
I can fit more sh*t into it ie. 160lbs dog, camping gear,and wife maybe. My tax guy said I can write 80-100% off and since I am an independent small owner and pay quarterly taxes, that really sparked my interest.;eekb;
Ummmm, maybe because it's just a gussied-up Silverado? If you want a complimentary set of knee-pads that bad from the oil company, at least get a real Hummer and snag an H1.
Actually it has the same kind all wheel drive tranfer case and transmission set up we have. Except one extra thing 4 lo w/locking diff. I dont see to many Silverados with that.
11 mpg
It's up to you... I'm assuming you're considering it mostly because you like its looks. I say this because I'm sure you'd be able to find something else with better gas mileage, not as heavy, and with similar storage capabilities, but you may not think it looks as cool.
To Qualify for the tax break a.k.a loophole the vehicle has to have a GVRW of 6000 or more lbs
What about the H3?
I dont think its heavy enough plus I run into the same prob no room for clients!
According to IRS regulations, a truck, van, or SUV is not a passenger auto when it has a Gross Vehicle Weight Rating (GVWR) (the manufacturer's maximum weight rating when loaded) above 6,000 pounds. always verify the GVWR for yourself before making a buying decision. The GVWR can normally be found on a label attached to the inside edge of the driver's side door.
When such a vehicle is used more than 50% for business, you may be able to deduct up to $24,000 this year. The remaining cost can then be recovered over five years and may be eligible for the 30% first-year bonus depreciation.
For example, if you spend $40,000 on a new heavy SUV that has a gross vehicle weight above 6,000 pounds and is used 100% for business, the entire $40,000 cost can be depreciated over several years; however, by claiming the maximum $24,000 Section 179 deduction and the special 30% first-year bonus depreciation on the vehicle, your total deduction in the first year can be more than $31,000. The remaining $9,000 of cost is depreciated over a five-year period. That is a significant tax advantage when compared to the rules that apply to normal passenger vehicles.
Been there but have not done that.
Bob F
Sup ya'll yeah i'm a noobie.. just a note ..mah boy got a H2 and his gets 9 miles per gallon.. he drives it Friday night and saturdays... otherwise he drives his little honda civic. so if you drive a lot or commute and enjoy wasting money on gas (roughly $60 to fill tank) i say go for it. IT is a beautiful vehicle though..
Thanks for the info Bob, so what do ya think Yay or Nay
If you're gonna do it, I'd say spend an extra $4k or so and buy a V10 TDI VW Touareg... 313 hp, 553 lbs torque, 0 - 60 in 7.5 sec... although it isn't quite 6k lbs (almost 5900 lbs).
But... if you're just wondering if you should get only the H2 or not... listen to your conscious!!! :D
if you do...Ithink there will be about a million pics sent in to fu H2 website with your H2 and some angry middle fingers.
my VX stock got 10MPG till I changed the gears out, went with cone filter, Tornadoe, and fuel miser now it gets 13.7 MPG...so I am used to poor mileage...but that big shoe box on wheels can not go the places a VX can without breaking...
someone posted the video of one of those things trying to do an easy trail and when the wheel touched the ground the tie rod blew.
personally H2 POS's are worthless curb hoppers....but it is your choice...you should go with a real Hummer that would be an awesome tax write off!!!!
I've never seen a vehicle that people LOVE to HATE like the H2. Everyone I know spits at them whenever they see a chance. This country is very, very divided in political thought right now, thanks to you know who,.... and the H2 has become a symbol for a class of Americans who only care about themselves, and want to only add to our problems, and help solve nothing.
Of course it isn't fair for this one vehicle to be come so misunderstood,.... but life isn't very fair anyway. ( and I think they should use all Cadillacs instead, as this symbol... lol)
Thanks BAM BAM I think I have found my truck!
Depends on your business income & Tax Bracket. If you earn a $100K + and are in the 33% + tax bracket. You are paying 100 %for the vehicle say $55000 + with tax deductible interest.You now owe the $55,000 + for the vehicle but can deduct say $30K ( Depreciation for 100%) business use) from your business taxable income possibly putting you in a lower tax bracket as well as reducing the amount ( 13.3 %) you have to pay for social security.Quote:
Originally posted by Mr. I-MAN
Thanks for the info Bob, so what do ya think Yay or Nay
Give it a lot of thought, factor in the 5 or whatever years of payments etc
If I were to purchase a new vehicle I would look at the GMC Denali AWD Fully equipped with Navigation- Sun roof -second row buckets- rear DVD MSRP 56K + but going for about 46K.
Never a Hummer unless it was a H1.
http://www.edmunds.com/new/2004/gmc/...header..2.GMC*
Gross wt 7200 lbs & the 2004 models are going for 10K off of MSRP
Sure Mr. I-MAN, anytime.... As they say, "If the shoe fits....."
I'm glad to be of help.
Last I heard the Gov. of K-a-l-i---for---nia
A-u-nold says if you drive anything else..."U R A little girly-mon!"
LOL. Personally I never had a prob with them. If I was rich I would probably own many SUV's at one time for different circumstances....
VX (for on-offroad "rally-fun" & rarity)
Infinity FX45 (for on-road "urban" festivities)
H2 (for the "I've made it...have you?" projected personna)
Ford Excursion (for the "Is Gass s'pensive??" projected personna)
I-man.... There is only one (if your single:rolleyes: ) person that an H2 is important too. It seems that you have already made your mind. If you like it, desire it, and you can financially afford it, Then get it!
If we all had the same tastes then there would never be any diversity in this world.
:cool:
I've heard that this particular tax loophole was created for farmers - and that it's currently under review to be changed - you might want to find some more info on it.
-- John
Just passed
thru the house again earlier in the week
95% of them things here are bought with that loop hole.
One more thing, think about trying to sell that thing in 5 years.
If you need to do the deed for business, get the Denali.
Opinions are like rearends, everyone has one.
Good luck!;Dy;
I think somewhere around 70 percent of them here in Ohio have been repo'ed. I saw 7 of them at the auction last week. I guess the persona they project varies with where you see them. Here they only carry any personality in the ghetto. You never see them out in the burbs, but get down to the low rent district and there's like 2 of them on every street. I don't have an opinion about them really, just not my style. But look around where you live and see what stereotype you're going to end up with if you go that route. If the lawyers and such are driving them to the country club, you're probably in good shape. If every H2 you see has wheels that aren't designed for the tire inflation system, just so they can have spinners on them, it might be bad move. No offense intended, just an observation as I spend a lot of my workday in questionable areas where I get robbed at gunpoint. Never take my VX there though...:)
That's where the "gussied up" part comes in. Still just a Chevy. ;pg;Quote:
Originally posted by Mr. I-MAN
Actually it has the same kind all wheel drive tranfer case and transmission set up we have. Except one extra thing 4 lo w/locking diff. I dont see to many Silverados with that.
You may want to have couple sit downs; one with a good, honest accountant and another with the IRS. I understand the GVWR angle as I used to have an '01 F250 Crew Cab 4X4, which was tagged and taxed differently than your average truck or SUV. Boy do I miss that V10! Anyway, when I was independant my business vehicle was my '88 Trooper. All I can tell you is that I made out like the proverbial bandit with that thing as far as deductions and taxes are concerned. Considering it was paid for and all I had to do was put gas in it and maintenance just made it all the better. If you bend over for a new car, no matter what the deductions, you still have to front the $$$. Deductions and tax savings save you from the back end, not the front.
As mentioned before, the H2 is a flash in the pan for most so bargains can be had at the auction and bank repo lots. The only people I see keeping them consistently are the brood-moms hauling hellions about. At least you know your VX will find a good home in a hurry with this bunch! ;Do;
http://grab.orsm.net/cgi-bin/schlabo...ttwisted---wmv
You have to copy the address into your browser address bar to work.
be warned, porn banners... (as I found out at work unfortunately)
My problem with the H2 is that its just to big and heavy to do any serious offroading, and you always see the smallest women driving them.
When I get married, I already told the woman that she's driving a volvo station wagon for kids. She wants a 69 mustang. I said "we'll see."
Thanks for the insight Joe, it is the back end where I want save$$
because I pay quarterly taxes and this would lower them for next year considerably.
If you do get one...plan on getting the rear tire carrier! I looked at an H2 up close and personal at the Pittsburgh Auto Show this past January and my only complaint was the huge amount of space wasted by the spare tire in the rear cargo area. I've since seen them running around with a swing-away rear tire carrier.
Don't know if this is a dealer item or aftermarket or both?
Answer to tax code in today's paper
Bill Curbs SUV Tax Write-Off
The break for small-business owners is trimmed to $25,000 instead of $100,000.
The Detroit News
By Jeff Plungis / Detroit News Washington Bureau
October 7, 2004
WASHINGTON - Time is running out for small business owners who want to write off up to $100,000 on the purchase of a new SUV.
Under a bill that could be sent to President Bush by the end of the week, the so-called SUV tax break would be scaled back to $25,000.
Under current law, small business owners can write off up to $100,000 of the purchase of a 6,000-pound SUV, van or truck. The tax break covers large vehicles because they meet the definition of business equipment - the main focus of the tax break. Other types of passenger cars are subject to much more rigorous limitations.
rest of article http://www.detnews.com/2004/autosins...b01-296481.htm
Purchased a 2004 GMC Denali- 325 hp-365 Torque- Air ride- AWD HD xmission- NAV- XM radio 6 CD- Rear DVD with wireless headsets- 2nd row buckets- everything leather -17 inch wheels- tow pkg - Moonroof- rear entertainment-3rd seat-On Star-etc etc. There were no other options available. Carbon Metallic color
MSRP $56, 760
Price Paid $44,744
Anybody want to buy a hard to find but not rare top of the line 2002 Trooper 4x4 Limited- Black/silver- leather- nakamichi stereo wood burl - Moonroof-Nearly new Bridgestone Revos-etc 18 K miles for $18500?
Bob F
sut is considered a pick up truck
Just don't plan on doing what this H2 owner did.Quote:
Originally posted by Mr. I-MAN
sut is considered a pick up truck
http://www.4x4movies.com/movies/KilledIT.wmv
That is a nice ride. My brother picked one up exactly like you have it setup this year. His is a Sandy color. It made a 7 hour drive very comfortable.Quote:
Originally posted by Green Dragon
Purchased a 2004 GMC Denali
Bob F
2005 MOAB? :naughty:
Had one in the shop a coupla weeks ago. How do you spell underwhelmed.... squared. Silverado cheap a** interior would be just the begining of my complaints for a 50large vehicle. GM owes us all a written apology for the last 30 years... and apparently the next 30 as well.
Gm only makes the engine jacka$$ The rest of the Vehicle is made in Mishawaka Indiana, yes at AM General Plant. If you look closer even the frame it is different ( Hydro formed steel ends attached to the box frame not crumple zone hack job frames that gm puts on its other trucks). How about this for an example is the New Lotus a toyota MR-2 Spyder or and camary becuase it has the same toyota engine power plant I think not . Is a Chevy Duramax diesel pickup, a saab turbo diesel or a Vw tdi an Isuzu because they have Isuzu made engines. Auto makers use each other parts all the times ie The VX's fog lights Nissan and the window switches Toyota. Think I have exhuasted my point by now. All I was asking was for Intelligent insite on this purchase not a bash session. BTW as for that video Edelbrock and Fabtech make high stregth after market steering parts for this which I will put on .