X5 qualifies for Section 179 Tax Deduction for business use.

rs4eva · 01-09-2019, 08:40 AM

I came across this page last night. I had forgotten about the old "Hummer Loop-hole"

"As a result of the Newly enacted Tax Cuts and Jobs Act:

Business owners that purchase an X5 or X6 in tax years 2018 through 2022 may be eligible for a 100% write-off of the purchase price."

Xeno · 01-09-2019, 09:11 AM

There is an existing thread that helped those like me to get the G05.

scottjays · 01-09-2019, 09:11 AM

Been doing this for years...only catch is you must hold vehicle until fully depreciated. upon sale or trade...you must pay tax on depreciated value...so if you buy and few years go by and you want the latest X5, the current value of your X5 upon trade or sale is fully taxable.

Xeno · 01-09-2019, 09:21 AM

But does not the depreciation of the G05 balance the sheet in one’s favor for the year of purchase or not (i.e. after trading in 4 year old F15)?

wanderlustX5 · 01-09-2019, 09:43 AM

If I use my X5 70% of the time for work, can I take this advantage?

rs4eva · 01-09-2019, 09:47 AM

Quote:

Originally Posted by wanderlustX5

If I use my X5 70% of the time for work, can I take this advantage?

yes, has to be at least 50%.

Xeno · 01-09-2019, 12:35 PM

One must be reimbursed for professional miles and proper records kept.

01-09-2019, 08:40 AM	#1
rs4eva Private 34 Rep 88 Posts Drives: bmw Join Date: Dec 2018 Location: PA iTrader: (0)	X5 qualifies for Section 179 Tax Deduction for business use. I came across this page last night. I had forgotten about the old "Hummer Loop-hole" "As a result of the Newly enacted Tax Cuts and Jobs Act: Business owners that purchase an X5 or X6 in tax years 2018 through 2022 may be eligible for a 100% write-off of the purchase price."
	Appreciate 0 Tweet Quote

01-09-2019, 09:11 AM	#2
Xeno Major 315 Rep 1,448 Posts Drives: 2019 X5 M Sport 5.0i Join Date: Nov 2011 Location: USA iTrader: (0)	There is an existing thread that helped those like me to get the G05. __________________ 2019 BMW X5 xDrive 50i M Sport: ZD8/ZLS/ZMP/ZP2/ZPK/ZPX/337/ZX7/2NH 2015 BMW X5 xDrive 50i/XL/CW/DA+/EP/LP/FVS retired; 2008 X5 4.8i; 2012 X5 5.0i retired, 2004 X5 4.4i retired R360c + EL, V1G2 + V1Driver, Uniden R8
	Appreciate 0 Quote

01-09-2019, 09:11 AM	#3
scottjays Starfleet Command 315 Rep 785 Posts Drives: 2020 X5 M50i Join Date: Jan 2010 Location: SoFla iTrader: (0)	Been doing this for years...only catch is you must hold vehicle until fully depreciated. upon sale or trade...you must pay tax on depreciated value...so if you buy and few years go by and you want the latest X5, the current value of your X5 upon trade or sale is fully taxable. __________________ 2020 X5 M50i Phytonic Blue w/ Black Merino 22" 747M wheels,
	Appreciate 0 Quote

01-09-2019, 09:21 AM	#4
Xeno Major 315 Rep 1,448 Posts Drives: 2019 X5 M Sport 5.0i Join Date: Nov 2011 Location: USA iTrader: (0)	But does not the depreciation of the G05 balance the sheet in one’s favor for the year of purchase or not (i.e. after trading in 4 year old F15)? __________________ 2019 BMW X5 xDrive 50i M Sport: ZD8/ZLS/ZMP/ZP2/ZPK/ZPX/337/ZX7/2NH 2015 BMW X5 xDrive 50i/XL/CW/DA+/EP/LP/FVS retired; 2008 X5 4.8i; 2012 X5 5.0i retired, 2004 X5 4.4i retired R360c + EL, V1G2 + V1Driver, Uniden R8
	Appreciate 0 Quote

01-09-2019, 09:43 AM	#5
wanderlustX5 Lieutenant 156 Rep 411 Posts Drives: BMW X5 2019 Join Date: Dec 2018 Location: Oregon iTrader: (0)	If I use my X5 70% of the time for work, can I take this advantage?
	Appreciate 0 Quote

01-09-2019, 12:35 PM	#7
Xeno Major 315 Rep 1,448 Posts Drives: 2019 X5 M Sport 5.0i Join Date: Nov 2011 Location: USA iTrader: (0)	One must be reimbursed for professional miles and proper records kept. __________________ 2019 BMW X5 xDrive 50i M Sport: ZD8/ZLS/ZMP/ZP2/ZPK/ZPX/337/ZX7/2NH 2015 BMW X5 xDrive 50i/XL/CW/DA+/EP/LP/FVS retired; 2008 X5 4.8i; 2012 X5 5.0i retired, 2004 X5 4.4i retired R360c + EL, V1G2 + V1Driver, Uniden R8
	Appreciate 0 Quote