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Deductions & credits
Did you indicate that the vehicle is used for both business and personal purposes? There is a limit on the depreciation for luxury vehicles. If you use the vehicle for personal purposes, your depreciation deduction will be limited to the business use percentage.
For new and pre-owned vehicles put into use in 2019 (assuming the vehicle was used 100% for business):
- The maximum first-year depreciation write-off is $10,100, plus up to an additional $8,000 in bonus depreciation.
- For SUVs with loaded vehicle weights over 6,000 pounds, but no more than 14,000 pounds, 100% of the cost can be expensed using bonus depreciation.
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ā€ˇFebruary 18, 2020
6:36 PM