Just tell us your under invoice price paid.
12-22-2015, 11:10 PM
#421
Senior Member
For trucks there are several rules. The 1st is the GVWR, hopefully yours is greater than 6,000 lbs. It should be!! If under 14,000 lbs GVWR, it is still considered a passenger vehicle There are different calculations that need to be made if it is used 100% for business use. If you don't have the documentation to prove 100% business use, you will pay for it and penalties and interest.
Let's assume 100% business use, which means you don't drive it home from your business location. Let's say you spent $60,000. You can take $25,000 Section 179 deduction + 50% of the remaining $35,000 or $17,500 Bonus Depreciation + 20% of $17,500 or $3,500 = $46,000. Again, you have to show non-commuting business use. Commuting is considered personal use and can greatly effect the deduction. Also, the IRS requires a daily vehicle log.
Let's assume 100% business use, which means you don't drive it home from your business location. Let's say you spent $60,000. You can take $25,000 Section 179 deduction + 50% of the remaining $35,000 or $17,500 Bonus Depreciation + 20% of $17,500 or $3,500 = $46,000. Again, you have to show non-commuting business use. Commuting is considered personal use and can greatly effect the deduction. Also, the IRS requires a daily vehicle log.
12-23-2015, 08:06 AM
#422
Senior Member
I suggest not derailing the intent of this thread debating interpretation of tax law, that's why we hire professionals. As my tax professional stated, in a room with IRS and 5 people, there will be 6 different interpretations of the same law. My professional lives for debating it with the IRS. As for what Ford sent me last week.....
There are at least 50 Shades of Grey between the Black and White!
Now, back to the topic on hand.
There are at least 50 Shades of Grey between the Black and White!
Now, back to the topic on hand.
Last edited by Cobra Gt; 12-23-2015 at 08:09 AM. Reason: addition of text
12-23-2015, 08:35 AM
#423
I would like to know how folks are getting $10K off on a 15 or 16 Lariat or Platinum trim level? I'm good friends with the GM of my dealer. Trade with him often and he can't touch $10K off unless I was an employee or he gives me 100% of his holdback.
Truck I'm looking at: 15 F150 Platinum
MSRP: $61,390
Rebate: $1,750
X-Plan: $54,840
Truck I'm looking at: 15 F150 Platinum
MSRP: $61,390
Rebate: $1,750
X-Plan: $54,840
12-23-2015, 09:29 AM
#424
Senior Member
I suggest not derailing the intent of this thread debating interpretation of tax law, that's why we hire professionals. As my tax professional stated, in a room with IRS and 5 people, there will be 6 different interpretations of the same law. My professional lives for debating it with the IRS. As for what Ford sent me last week.....
There are at least 50 Shades of Grey between the Black and White!
Now, back to the topic on hand.
There are at least 50 Shades of Grey between the Black and White!
Now, back to the topic on hand.
12-23-2015, 09:45 AM
#425
I would like to know how folks are getting $10K off on a 15 or 16 Lariat or Platinum trim level? I'm good friends with the GM of my dealer. Trade with him often and he can't touch $10K off unless I was an employee or he gives me 100% of his holdback.
Truck I'm looking at: 15 F150 Platinum
MSRP: $61,390
Rebate: $1,750
X-Plan: $54,840
Truck I'm looking at: 15 F150 Platinum
MSRP: $61,390
Rebate: $1,750
X-Plan: $54,840
Doesn't sound like that good of a friend honestly. I got Invoice - 100% holdback - Rebates - additional $2k off my 15 Lariat without any hassle, and I was a complete stranger. Just purchased last week. See if you can get a rebate coupon from Ford by requesting a brochure.
12-23-2015, 10:25 AM
#426
Senior Member
I would like to know how folks are getting $10K off on a 15 or 16 Lariat or Platinum trim level? I'm good friends with the GM of my dealer. Trade with him often and he can't touch $10K off unless I was an employee or he gives me 100% of his holdback.
Truck I'm looking at: 15 F150 Platinum
MSRP: $61,390
Rebate: $1,750
X-Plan: $54,840
Truck I'm looking at: 15 F150 Platinum
MSRP: $61,390
Rebate: $1,750
X-Plan: $54,840
http://www.appleford.com/wholesale-n...3591ce2fbb.htm
12-23-2015, 10:30 AM
#427
Doesn't sound like that good of a friend honestly. I got Invoice - 100% holdback - Rebates - additional $2k off my 15 Lariat without any hassle, and I was a complete stranger. Just purchased last week. See if you can get a rebate coupon from Ford by requesting a brochure.
Truecar is showing the lowest amount paid for a $62K MSRP Platinum was $52,122 or right at $10k off. Sounds like you beat that number by 2-3K. Nice job!
My dealer or any dealer in the state of TN will not touch it.
12-23-2015, 12:59 PM
#429
This is one example I found on Autotrader. This includes some **** you would never qualify for simultaneously, but it's a good example. Even if you add $1k, you're still at $10k+ off of MSRP.
http://www.appleford.com/wholesale-n...3591ce2fbb.htm
http://www.appleford.com/wholesale-n...3591ce2fbb.htm
12-23-2015, 02:18 PM
#430
Senior Member
I don't know where TrueCar gets their data, but my 2016 Platinum's MSRP was $62.4k and I paid $50.3k. That price included B&O tax (which the dealer always passes onto the customer), but was before sales tax, title, and license.