Have Finance Questions? Ask a Financial Expert Online.
Hi from just answer. I'm PDtax, and can assist.
Expensing a vehicle requires that it meet certain requirements, most notably that it have a gross vehicle weight rating (gvwr) of 6,000 pounds or more. Most cars fail. Many pickup trucks do too.
That assumes that you meet the other requirements, such as greater than 50% business use, and some other requirements.
Just answer my question, please!!
OK. Your car likely dues not qualify for expensing.
Larger vehicles, like a Chevy traverse, tahoe, or similar size vehicles qualify. Bonus depreciation would be an alternative fit a car, allowing 50% expensing in the first year. Depreciation would add to that, but it would not be 100% deductible in the first year.
Thanks for asking at just answer. Positive feedback is appreciated. I'm PDtax.