How do I deduct cars over 6000 pounds on my taxes?
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The Section 179 deduction allows businesses to deduct the full purchase price of qualifying equipment, including vehicles over 6,000 pounds gross vehicle weight, in the year they are placed in service. To qualify, the vehicle must be used more than 50% for business purposes. The maximum deduction for SUVs is capped at $28,900 for 2023, while other heavy vehicles may qualify for the full Section 179 limit. If business use falls below 50% in subsequent years, a portion of the deduction may need to be recaptured. Additionally, the vehicle must be financed or purchased outright and used in the year for which you claim the deduction.