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List of Vehicles Over 6000 lb that Qualify for the 2023 IRS Section 179 Tax Benefit Deduction

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List of Vehicles Over 6000 lb that Qualify for the 2023 IRS Section 179 Tax Benefit Deduction

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What vehicles qualify for the Section 179 deduction?

Under the Section 179 tax deduction:

  • Heavy SUVs, pickups, and vans over 6000 lbs. and mainly used for business can get a partial deduction and bonus depreciation.
  • Typical work vehicles without personal use qualify.
  • Cargo vans and box trucks with no passenger seating can qualify.
  • Specialty vehicles like ambulances and hearses often qualify.

In 2023, vehicles classified as "heavy" can receive a tax deduction under Section 179 up to $28,900. Previously, up until the end of 2022, these vehicles enjoyed a 100% bonus depreciation. However, starting in 2023, this bonus depreciation rate will be reduced to 80%.

Qualifying Vehicles

List of  vehicles 6,000 pounds or more  that qualify for tax incentives in 2023:

Table
Make Model Approx GVW (Lbs)
Audi
Q7 6,900
SQ7 6,900
Q8 6,900
SQ8 6,900
BMW
X5 xDrive45e 7,165
X6 M50i 6,063
X7 xDrive40i 7,143
X7 M50i 7,143
X7 M50d 7,143
Bentley
Bentayga 7,275
Bentayga Hybrid 7,165
Bentayga Speed 7,275
Flying Spur 6,724
Flying Spur V8 6,724
Flying Spur W12 6,724
Mulsanne 6,173
Mulsanne Speed 6,173
Mulsanne Extended 6,617
Buick
Enclave Avenir AWD 6,160
Enclave Avenir FWD 6,055
Enclave Essence AWD 6,160
Enclave Essence FWD 6,055
Cadillac
Escalade 7,100
Escalade ESV 7,300
Escalade Platinum 7,100
Escalade ESV Platinum 7,300
Chevrolet
Silverado 2500HD 10,000
Silverado 3500HD 14,000
Silverado 4500HD 16,500
Silverado 5500HD 19,500
Silverado 6500HD 23,500
Express Cargo Van 2500 8,600
Express Cargo Van 3500 9,900
Express Passenger Van 9,600
Suburban 7,800
Tahoe 7,400
Traverse 6,160
Chrysler Pacifica 6,055
Dodge
Durango 6,500
Durango SRT 6,500
Durango Citadel 6,500
Durango R/T 6,500
Durango GT 6,500
Durango SXT 6,500
Grand Caravan 6,055
Ford
Expedition 7,450
Expedition MAX 7,700
F-250 Super Duty 10,000
F-350 Super Duty 14,000
F-450 Super Duty 16,500
F-550 Super Duty 19,500
Transit Cargo Van T-250 HD 9,070
Transit Cargo Van T-350 HD 10,360
Transit Passenger Wagon 10,360
GMC
Sierra 2500HD 10,000
Sierra 3500HD 14,000
Sierra 3500HD Denali 14,000
Sierra 4500HD 16,500
Sierra 5500HD 19,500
Sierra 6500HD 22,900
Yukon 7,300
Yukon XL 7,800
Honda Odyssey 6,019
Infiniti QX80 7,385
Jeep
Grand Cherokee 6,500
Grand Cherokee SRT 6,500
Grand Cherokee L 6,500
Wrangler Unlimited 6,500
Gladiator Rubicon 6,250
Land Rover
Defender 110 7,165
Defender 90 7,055
Discovery 7,165
Discovery Sport 6,724
Range Rover 7,165
Range Rover Sport 7,165
Range Rover Evoque 6,724
Range Rover Evoque R-Dynamic 6,724
Lexus LX 570 7,000
Lincoln
Aviator 6,001
Aviator 6,001
Navigator 7,200
Mercedes-Benz
GLS 580 4MATIC 6,768
GLS 600 4MATIC 6,768
G 550 4×4 Squared 7,057
GLS 580 4MATIC 6,768
GLS 600 4MATIC 6,768
AMG G 63 4MATIC SUV 6,724
Nissan
Armada 2WD/4WD 7,300
NV 1500 S V6 8,550
NVP 3500 S V6 9,100
Titan 2WD S 7,300
Porsche
Cayenne Turbo Coupe 6,173
Cayenne Turbo S E-Hybrid Coupe 6,173
Cayenne Turbo S E-Hybrid 6,173
Panamera Turbo S E-Hybrid 6,244
Tesla Model X 6,000
Toyota
Tundra 2WD/4WD 6,800
4Runner 2WD/4WD LTD 6,300
Tundra 2WD/4WD 6,800

Criteria for Qualifying Vehicles

It is important to note that not all vehicles with a GVWR of 6000 pounds or more will qualify for the Section 179 deduction. The vehicle must also be used for business purposes, and it must be purchased and placed into service within the tax year.

Can I get a tax write off for vehicle over 6,000 lbs?

Yes, you can get a tax write-off for a vehicle over 6,000 lbs if you use it for business purposes. The tax write-off is known as the Section 179 deduction, which allows you to deduct the cost of qualifying vehicles from your taxable income. However, there are a few factors to consider. Firstly, the vehicle must be used primarily for business purposes and not for personal use. Secondly, there is a limit on the total amount of the deduction, which changes each year. In addition, if the vehicle is financed, the deduction may be limited to the amount you actually paid during the tax year.

Luxury Vehicles over 6000 lbs and the Section 179 Deduction

While luxury vehicles are generally not eligible for the Section 179 deduction, there is an exception for SUVs and trucks that are used for business purposes. The IRS has set a limit on the depreciable value of luxury SUVs and trucks, which can still provide some tax benefits.

Vehicle Valuation Experts and the IRS Section 179 Deduction

When claiming the Section 179 deduction, it is advisable to consult with a tax professional or vehicle valuation expert who can accurately assess the vehicle's value and ensure compliance with IRS guidelines. They can help determine the depreciable value and provide documentation to support the deduction.

Steps to Claim the Section 179 Vehicle Deduction

To claim the Section 179 deduction for heavy vehicles, business owners must complete IRS Form 4562. This form calculates the depreciation and the premise for the qualifying vehicle. It is advisable to consult with a tax professional to ensure accurate completion of this form. This form must be completed with your tax return by the tax deadline.

2023 Section 179 Tax Deductions for Small Business Owners

The Section 179 deduction is especially beneficial for small business owners, as it allows them to immediately deduct the full purchase price of qualifying vehicles instead of depreciating the value over several years. This can provide significant tax savings and help stimulate business growth. Also, remember that you should keep track of your mileage for additional tax benefits.

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Legal Disclaimer

Tickmark, Inc. and its affiliates do not provide legal, tax or accounting advice. The information provided on this website does not, and is not intended to, constitute legal, tax or accounting advice or recommendations. All information prepared on this site is for informational purposes only, and should not be relied on for legal, tax or accounting advice. You should consult your own legal, tax or accounting advisors before engaging in any transaction. The content on this website is provided “as is;” no representations are made that the content is error-free.

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published

October 16, 2023

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Phillip Ingelmo

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