How do I deduct 6000 lb vehicle deduction on my taxes?

The deduction for a vehicle over 6,000 pounds is available under Section 179 of the IRS tax code. This allows businesses to deduct the full purchase price of qualifying equipment, including vehicles, purchased or financed during the tax year. To qualify, the vehicle must be used more than 50% for business purposes. The deduction is limited to a maximum of $1,160,000 for the 2023 tax year, subject to a phase-out threshold of $2,890,000. Vehicles with a gross vehicle weight rating (GVWR) over 6,000 pounds but not more than 14,000 pounds can be eligible for this deduction. However, luxury vehicles may have additional limits. For example, SUVs over 6,000 pounds but less than 14,000 pounds are limited to a $28,900 deduction for 2023.