100% Bonus Depreciation for SUVs for Your Business

More Form 1120-S Tutorials, see our playlist:    • Form 1120-S (S Corporation) Tutorials  

Bonus depreciation limits apply to the following years:
2023: 80%
2024: 60%
2025: 40%
2026: 20%
2027: 0%

Did you hear you can deduct 100% of the purchase price of a new vehicle if it weighs more than 6,000 pounds? The 100% bonus depreciation phased out after the 2022 tax year.

Well, that is partially true...

In this video, I detail the bonus depreciation deduction rules for vehicles used in a trade or business that exceed 6,000 pounds in gross vehicle weight rating.

If you have a vehicle that later falls below 50% business use, you'll have some bonus depreciation recapture. View our video here on the recapture issue:
   • Bonus Depreciation Recapture - When B...  

For a larger database of tutorials, please visit our website and search for your question:
https://knottlearning.com/

DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.

#BonusDepreciation #Depreciation #IRS #Section179