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- Main Phone & Fax
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Phone: (888) 346-8146
Fax: (770) 680-1011 - Parts & Service
- Phone: (770) 680-1000
- Pre Owned
- Phone: (888) 346-8147
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Federal “Tax Relief Act” This potentially allows you to deduct the entire purchase price of the vehicle from your 2011 tax return. This “Tax Relief Act” increases the limits of a deduction for eligible new SUV or Truck purchases above 6,000 GVW placed in service by December 31st, 2011. Examples Vehicles: with comparison of Tax Year 2010 vs. Tax Year 2011 Lexus GX460 MSRP $60,000 |
| 2010 Tax Year Cost of Vehicle $60,000 Section 179 Depreciation $30,000 Bonus Depreciation (50% of balance) $15,000 2010 Depreciation (5 years macrs method) $3,000 Total 2010 Taxable Deduction $48,000 |
2011 Tax Year Cost of Vehicle $60,000 Section 179 Depreciation $30,000 Bonus Depreciation (100% of balance) $30,000 2011 Depreciation (5 years macrs method) NOT NEEDED Total 2011 Taxable Deduction (FULL Purchase PRICE) $60,000 |
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The tax consequences set forth above are for illustration purposes only and Hennessy Lexus makes No representations or warranties concerning the accuracy of the information contained within. Prospective clients should consult with their individual tax advisors concerning the particular tax Consequences to them under the “Tax Relief Act”. The Internal Revenue Code, and other applicable Federal and state laws. |
MSRP does not include delivery, processing and handling fee of $875. Excludes taxes, title, license and optional equipment.
© 2006-2012 Lexus, a Division of Toyota Motor Sales, U.S.A, Inc. All information contained herein applies to U.S. vehicles only.