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New business auto purchase
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HW "Skip" Weldon
Oct 19, 2009, 10:30:29 AM10/19/09
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Someone with a business (Schedule C) has asked about the 50% bonus
depreciation set to expire at the end of this year.
depreciation set to expire at the end of this year.
He is thinking of buying a new car (RX 350 Lexus crossover) later next
year or early 2011 that will be used in his business. He historically
has used his car 90% for business use and wants to know if it is worth
his while to buy this year rather than later because of the 50% bonus
depreciation.
My reading is that this auto falls under the "luxury definition" so he
cannot use the 50% bonus, but I am not sure. Dollar wise it will be
more than the $15,000 (sticker price around $42,000), but it is not
built on a truck chassis.
Can anyone clear this up?
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