1. Dismiss Notice
  2. Download free Tapatalk for iPhone or Tapatalk for Android for your phone and follow the SDN forums with push notifications.
    Dismiss Notice
  3. Hey Texans—join us for a DFW meetup! Click here to learn more.
    Dismiss Notice

SUV Loophole, Hummer Loophole Section 179

Discussion in 'Finance and Investment' started by takotsubo, Aug 20, 2015.

  1. takotsubo

    takotsubo ...
    10+ Year Member

    Joined:
    Mar 20, 2007
    Messages:
    44
    Likes Received:
    0
    Status:
    Resident [Any Field]
    Just learned about the loophole from a colleague. I'm an independent contractor.

    Can someone explain this loophole to me. Has anyone taken advantage of this and are there are tidbits or exceptions I need to know about. Pros and cons about it?
     
  2. Note: SDN Members do not see this ad.

  3. ThoracicGuy

    Physician 5+ Year Member

    Joined:
    Jun 11, 2013
    Messages:
    8,507
    Likes Received:
    20,307
    Status:
    Attending Physician
    Will you be using the vehicle solely for your job and for minimal to no personal use?

    This sounds like a good way to get alot of paperwork and risks of an audit.
     
  4. keifernny2

    5+ Year Member

    Joined:
    Aug 26, 2013
    Messages:
    257
    Likes Received:
    155
    Status:
    Attending Physician
    It's not quite that dire, but it really does depend on what you're using the vehicle for (business vs. personal use). This determination is based on Mileage (which you'll need to keep track of).

    Option 2 is for your business to lease the vehicle, which is a bit less complicated though still has some paperwork involved.

    If you have an accountant, this is a good question to ask them.
     
  5. TexasPhysician

    Moderator Physician 10+ Year Member

    Joined:
    Sep 1, 2008
    Messages:
    4,421
    Likes Received:
    1,346
    Status:
    Attending Physician
    It's worked fine for me.
     

Share This Page