Is suv over 6,000 lbs tax deductible?
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The IRS allows a deduction for vehicles over 6,000 lbs under Section 179, which permits businesses to deduct the full purchase price of qualifying equipment purchased or financed during the tax year. To qualify, the SUV must be used more than 50% for business purposes. The deduction is subject to limits, such as a maximum deduction of $28,900 for SUVs in 2023. If the vehicle is used for both personal and business purposes, only the business portion is deductible.