If I purchase a car specifically for work purposes, can I deduct and depreciate all of it on my taxes in one year instead of taking the mileage method?
Also, if I can do this method, can I claim car registration, insurance, maintenance, etc, as well?
You'll need to sign in or create an account to connect with an expert.
Possibly. It depends on the size, type and price.
Sport Utility and Certain Other Vehicles
You cannot elect to expense more than $28,900 of the cost of any heavy sport utility vehicle (SUV) and certain other vehicles placed in service in tax years beginning in 2023. This rule applies to any 4-wheeled vehicle primarily designed or used to carry passengers over public streets, roads, or highways that is rated at more than 6,000 pounds gross vehicle weight and not more than 14,000 pounds gross vehicle weight. However, the $28,900 limit does not apply to any vehicle:
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
marleneprice49
New Member
wleighton
Level 2
1099erGirl
Level 3
jhalderfer
New Member
Natasha808
New Member