By design, all Range Rover, Range Rover Sport and Land Rover LR4 models can be depreciated much more rapidly than similarly priced luxury cars when used for business, because they have a Gross Vehicle Weight Rating of over 6,000 pounds.
Gross Vehicle Weight Rating is the manufacturer's rating of the vehicle's maximum weight when fully loaded with people and cargo.
Businesses or Small Business Owners planning to purchase a new Range Rover, Range Rover Sport or Land Rover LR4 in the near future, may consider accelerating their buying plans if doing so makes sound business sense. The 50 percent first year bonus depreciation for the "Heavy SUV" classification is currently extended only through 2010. That's just ONE MORE MONTH!
Individual tax situations may vary. Federal rules and tax guidelines are subject to change, so consult your tax advisor for complete details on rules applicable to your transaction. Vehicles that qualify must be used 100 percent for business.
When you compare an $80k Range Rover to an $80k luxury car, the total allowable depreciation on the Range Rover in years 1-4 is 94% which comes to $75,248 that the business owner can WRITE OFF! The luxury car through the first 4 years only allows for 26% depreciation which comes to $20,685. The difference is $54,563!
Be sure to purchase your Range Rover, Range Rover Sport, or Land Rover LR4 by December 31, 2010, to enjoy an extraordinary driving experience and up to a $54,563 tax advantage! Remember, purchase in 2010 to receive the 50 percent first year bonus depreciation!
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