Is suv over 6000 pounds a valid tax write-off?
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An SUV over 6,000 pounds can qualify for a Section 179 deduction, allowing a business to deduct the full purchase price of the vehicle in the year it is placed in service, up to a limit. The vehicle must be used more than 50% for business purposes. Additionally, bonus depreciation may apply, allowing further deductions. However, personal use of the vehicle must be excluded, and accurate records must be kept to substantiate the business use percentage. For example, if an SUV is used 70% for business, only 70% of the purchase price can be deducted. The vehicle must be new to the taxpayer and not previously used by them.