Can I deduct cars over 6000 pounds?
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Vehicles over 6,000 pounds can qualify for the Section 179 deduction, allowing businesses to deduct the full purchase price of qualifying vehicles used for business purposes. However, there are limits; for example, the maximum deduction for SUVs is capped at $28,900 for 2023. Additionally, bonus depreciation may apply, allowing further deductions. To qualify, the vehicle must be used more than 50% for business. Passenger vehicles, including SUVs and trucks, must weigh over 6,000 pounds but less than 14,000 pounds to qualify. It's crucial to maintain accurate records of business versus personal use, as only the business-use portion is deductible.