Tax Reduction Letter - IRS Agrees That You Should Ignore Truck Chassis for Section 179 Expensing Deductions

Article Date:

November 2011

Word Count:

205

IRS Agrees That You Should Ignore Truck Chassis for Section 179 Expensing Deductions

Is your sport utility vehicle (SUV) eligible for expensing of up to $25,000?

Is your crossover vehicle an SUV?

To qualify for expensing, the SUV must escape the luxury vehicle depreciation limits on deductions.1

The escape works like this:

The SUV must have a gross vehicle weight rating (GVWR) of 6,001 pounds or more, and

The SUV must be a truck under the Department of Transportation regulations (manufacturers must label the SUV as a truck or car, using the DOT regulations).

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