Get Enormous Tax Deductions when you purchase Business Vehicles at Team Chevrolet or Team Swansboro
What Section 179 Vehicles Qualify for the Full Deduction?
The depreciation deduction limits apply only to “passenger automobiles.” That means vehicles with a gross unloaded weight of less than 6,000 pounds. That weight limitation applies to your business truck, van or vehicle with a truck base (like most SUVs). The gross loaded weight is based on how much the manufacturer says the vehicle can carry. This is different from unloaded weight. That is, the vehicle’s weight without any passengers or cargo.
Trucks that weigh 14,000 pounds or less fully loaded are subject to the same rules as passenger automobiles unless the vehicle is not likely to be used for personal purposes. In that case, the vehicles are not considered passenger automobiles and the limitations on depreciation don’t apply.
SUVs, trucks, vans, and other vehicles that don’t qualify as passenger automobiles are not subject to the IRS limits and can take a full depreciation deduction each year. Using bonus depreciation and/or Section 179, you may be able to deduct all or most of the cost of such a vehicle in a single year.
This is a potentially enormous deduction for business people who purchase heavy SUVs and similar vehicles for their business.
Additional information: https://www.mileiq.com/blog/section-179-vehicles-deduction. See Your Tax Advisor for Additional Details.
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