Is tax write off for vehicle over 6000 lbs a business expense?
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Vehicles over 6,000 lbs can qualify for a Section 179 deduction, allowing business owners to deduct the full purchase price in the year the vehicle is placed in service, provided it is used more than 50% for business. However, there are limits; for example, the maximum deduction for SUVs is capped at $28,900 for 2023. The vehicle must be used for business purposes, and personal use must be accounted for separately. If the vehicle is not used predominantly for business, the deduction may be limited or disallowed. Additionally, the vehicle must be purchased and not leased to qualify for Section 179. Other vehicles like trucks and vans may have different limits.