Can I deduct cars over 6000 lbs?
Vehicles over 6,000 pounds can qualify for a Section 179 deduction, allowing 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. The deduction is subject to limits and phase-outs, and the vehicle must be new or used but new to the taxpayer. The deduction is also subject to the overall Section 179 limits and the business income limitation.