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Golf Carts to Island Divorces: 10 Notorious Tax Loopholes

By Karen Fickes and Warren Joseph of Bloomberg BNA - 2012-06-20T21:55:57Z

Photograph by Qilai Shen/Bloomberg

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Large SUVs

Provisions in the Code regarding deductions for business use of luxury automobiles limit writeoffs for expensive vehicles. The restrictions do not apply, however, to vehicles rated at 6,000 pounds unloaded gross vehicle weight or more. Taxpayers have discovered that purchasing a large SUV often provides faster writeoffs than similar but smaller vehicles. So much for going green.