According to IRS regulations, a truck, van, or SUV is not a passenger auto when it has a Gross Vehicle Weight Rating (GVWR) (the manufacturer's maximum weight rating when loaded) above 6,000 pounds. always verify the GVWR for yourself before making a buying decision. The GVWR can normally be found on a label attached to the inside edge of the driver's side door.
When such a vehicle is used more than 50% for business, you may be able to deduct up to $24,000 this year. The remaining cost can then be recovered over five years and may be eligible for the 30% first-year bonus depreciation.
For example, if you spend $40,000 on a new heavy SUV that has a gross vehicle weight above 6,000 pounds and is used 100% for business, the entire $40,000 cost can be depreciated over several years; however, by claiming the maximum $24,000 Section 179 deduction and the special 30% first-year bonus depreciation on the vehicle, your total deduction in the first year can be more than $31,000. The remaining $9,000 of cost is depreciated over a five-year period. That is a significant tax advantage when compared to the rules that apply to normal passenger vehicles.
Been there but have not done that.
Bob F
Neither ordinary or extraordinary, just indefatigable.
2000 VX Green Dragon- Chick Demagnitizer-Supercharger-Injen Intake- Cold air box-K&N- Power Vault SS Exhaust-265-75-16 BFG MT kms-On Board CO2- Custom Boulder Bars- Custom Skid plates- PIAA 520 Fog Lites-3inch lift with OME 912 Springs-LINE X Bedliner on Cladding & Hood Insert-ARB Front Lockers & Custom Bull Bar. Vintage Offenhauser Hood scoop Thule Rack. XM Radio-Custom Storage Box-First VX to surmount the RUBICON.Thanks Sierra Stompers