Can you write off suv over 6000 lbs?
Business Expensesfreelancersreal estate agentsconsultantsconstruction contractors
An SUV over 6,000 lbs can qualify for a Section 179 deduction, allowing you to expense up to $28,900 (as of 2023) of the vehicle's cost in the year of purchase, provided it is used more than 50% for business. The vehicle must be new or used and purchased (not leased) for business use. If the business use falls below 50% in subsequent years, you may have to recapture some of the deduction. Additionally, you can use bonus depreciation for the remaining cost, which allows for 80% depreciation in 2023. However, personal use of the vehicle must be excluded from the deduction calculation.