Is the new F150 going to be tax deductible?

 

Depends on your accountant's take, but most will feel ok doing it. It's supposed to be 6,000 pounds or more I believe, so some models will technically qualify.

My CPA said they NEVER look into that stuff.

 

Found some more data:

Needs to gross 6000 lbs or more, someone said it needs a 6' bed or more, lest it come under the SUV class 179 deduction. Still not sure if this is all on for 2008.....

Wife wanted an Edge, but with a $10000 discount by writing this thing off in one year she will want one of these.

 

My truck made a little dent in my taxes this year. Nothing big though. Of course I'm single and young so I get screwed anyway.

 

how you able to write your truck off? I'm guessing as business expense if you're self employed?

 

I don't understand the question. Any vehicle used in business is deductable. Some have different rules depending on size.

 

Screw it. I am not about to consider buying this truck. That just cinched the deal for me. What a$$hole designed a truck with the same power, same crappy gears, and more weight!!!!!!
WTF Ford!!!!!!!

 

Could someone elaborate on this more. Also will this work for leasing one of these?

 

Exactly you can do it as business or as farm use but any vehicle used for either one of those is deductible.
Blake

 

WOW just WOW please read this thread again I don't believe anyone gave weights of the new F150 in here.

 

That was the IRS * requiring 6000 gross* weight, which is exactly a Ford Ranger with my fat a$$ in it.

 

My truck is used primarily as transportation to work and school. Since it's my "only" vehicle, I got a little tax break from it. Not nearly what I paid in taxes for it initially, but that's ok.

 

No, unless you own a business and use it for the business.

Only hybrids get tax breaks.

 

What!!??!! How do you get a tax break for a vehicle that you drive to/from school & work???

 

The funny thing about having a business, my accountant told me to buy another truck within a year because I am almost to the point that my 04 has totally deprecated.

Its real nice having the excuse "But honey, I have to buy another truck, the accountant told me so."

I think I am going to buy a GMC Savanna, I don't need another F-150 but I do need a van.

But yeah, the new 150 can be wrote off.