Can I deduct 6000 lb vehicles?
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Vehicles over 6,000 pounds can qualify for a Section 179 deduction, allowing businesses to deduct the full purchase price in the year the vehicle is placed in service, up to a certain limit. However, the vehicle must be used more than 50% for business purposes. SUVs are subject to a $28,900 limit for 2023, while other qualifying vehicles may be eligible for the full Section 179 limit. The vehicle must not be used for personal purposes beyond the allowable percentage. Additionally, the deduction cannot exceed the taxable income from the business. If the vehicle is used less than 100% for business, only the business-use percentage of the cost can be deducted.