Can you write off 6000 lb vehicle deduction?
The Section 179 deduction allows businesses to deduct the full purchase price of qualifying equipment and vehicles purchased or financed during the tax year. Vehicles with a gross vehicle weight rating (GVWR) over 6,000 pounds but less than 14,000 pounds may qualify. The vehicle must be used more than 50% for business purposes to claim the deduction. However, there are limits on the amount you can deduct, and luxury auto limits may apply. For example, if a vehicle is used 70% for business, you can only deduct 70% of the cost. Additionally, the deduction cannot exceed the taxable income from the business. It's important to note that not all vehicles over 6,000 pounds qualify; for instance, certain SUVs have a cap on the deduction amount.