Heavy vehicles.
Heavy vehicles have a Section 179 deduction cap of $30,500 in 2024.2 Let us say you finance a $50,000 heavy SUV and use it 100% for your small business. You could deduct $30,500 under Section 179. A regular depreciation percentage applies sometimes, but only a tax professional can confirm this. For a business vehicle to qualify as “heavy,” it must weigh at least 6,001 pounds and no more than 14,000 pounds.3 Many SUVs, vans, and pickup trucks weigh over 6,001 pounds.
The gross vehicle weight rating (GVWR) is typically featured on the vehicle manufacturer’s label or in the vehicle information package. The GVWR is the maximum safe weight of the vehicle. In case you are wondering, the curb weight is the vehicle’s unloaded (empty) weight. The manufacturer’s label lists the make, model, features, GVWR, and more, and it is located on the inside of the driver’s side door on either a sticker or a thin metal badge.
