Can I deduct 6000 lb suv?
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The IRS allows a deduction for vehicles over 6,000 pounds under Section 179, which permits businesses to deduct the full purchase price of qualifying equipment purchased or financed during the tax year. However, the vehicle must be used more than 50% for business purposes, and the deduction is limited to $28,900 for SUVs as of 2023. Additionally, the total Section 179 deduction is capped at $1,160,000 for all qualifying equipment. If the vehicle is used less than 100% for business, the deduction must be prorated based on the percentage of business use.