- First Name
- Jul 17, 2021
- Reaction score
- Tesla 3; Smartcar; F150 Raptor; Avalanche 2500 4x4
It’s true I assumed >50% biz use.interested in whether I understand this (as far as a non-tax professional might), it doesn’t seem like that’s quite right
the last category above, with the windshield qual, is essentially intended to capture cargo vans
- Must be small business/self-employed
- Must be used>50% of time for documented business purposes to qualify for any deduction, and upwards of that floor up to 100% of the time for the full deduction
- vehicle must be used for business purposes at least 50% of the time over its “class life” (typically 5 years) - if usage falls below 50% in future years, some of the deduction might need to be recaptured.
- in the “heavy” category (>6K lbs), there a Section 179 tax deduction limit of the lower of $28,900 or the allowable bonus depreciation percentage of 80%.
- Luxury vehicles are capped at $20,200 of depreciation in the first year
- above $ caps don’tapply if it’s a vehicle modified for non-personal usage, including one of three categories of non-passenger vehicles:
- Designed to seat more than nine persons behind the driver's seat;
- Equipped with a cargo area (either open or enclosed by a cap) of at least 6 feet in interior length that is not readily accessible directly from the passenger compartment; or
- Vehicles with an integral enclosure fully enclosing the driver compartment and load-carrying device, no seating behind the driver, and no portion of the body extending more than 30 inches beyond the windshield.
But under the second bullet above, both the CT and any F150 with 6’+ bed seems they should equally qualify under - subject to all the other quals previous
An F150 SCREW wouldn’t, though
but “any f150 with 6’ plus bed”
Any idea How hard that is to find / buy and how clumsy it is to park? The most common config is a crew cab with 8’ bed….