Can I deduct 6000 lb vehicle deduction?
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The deduction for a vehicle over 6,000 pounds is available under Section 179 of the IRS Code, which allows businesses to deduct the full purchase price of qualifying equipment purchased or financed during the tax year. To qualify, the vehicle must be used more than 50% for business purposes. The deduction is limited to the business-use percentage of the vehicle's cost. Additionally, there are limits on the total amount that can be deducted under Section 179 and specific rules for luxury vehicles.