(Pickups with shorter beds are treated as SUVs, however.) Importantly, pickups with cargo beds that are at least six feet in interior length aren’t classified as SUVs. For those vehicles, you can often write off the entire business-use portion of the cost in the first year under the Sec. Heavy non-SUVs - such as long-bed pickups and vans - are unaffected by the $25,000 limit. If the vehicle is classified as an SUV under the tax rules, the Sec. The business portion of the cost of your heavy vehicle is first reduced by the Section 179 deduction. Heavy Vehicle Depreciation Tax Breaks in a Nutshell By taking advantage of these rules, you may be able to write off the entire business-use portion of a heavy vehicle’s cost in the first year. If you’re considering purchasing an SUV or other heavy vehicle for business, it could make sense to act before year end in case the rules are changed after Election Day.į avorable depreciation rules for business use of “heavy” SUVs, pickups and vans were locked in by the Protecting Americans from Tax Hikes (PATH) Act of 2015. But the favorable tax rules may not last. Combined, these deductions can be substantial. Qualifying business vehicle purchases may be eligible for Section 179 depreciation, 50% first-year bonus depreciation and regular depreciation deductions.
0 kommentar(er)
