Is suv over 6000 lbs a business expense?
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An SUV over 6,000 lbs may qualify for a Section 179 deduction, allowing businesses to deduct the full purchase price of qualifying equipment purchased or financed during the tax year. The vehicle must be used more than 50% for business purposes. If the vehicle is used less than 100% for business, the deduction is prorated. Additionally, the vehicle may also qualify for bonus depreciation. However, there are limits on the amount that can be deducted, and luxury vehicle limits may apply.