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Wednesday, November 09, 2011

New heavy SUV’s put in service in 2011 are entitled to bigger tax breaks

The IRS announced that "New heavy SUV’s put in service in 2011 are entitled to bigger tax breaks." The IRS stated that 100% of their cost can be written off provided the vehicle is not used for personal use.

The requirements for this deduction are that "the SUV’s must have a loaded gross weight over 6,000 pounds". This holds true for new pickup trucks. The $25,000 ceiling for expensing SUV’s does not apply if bonus depreciation is taken.

It is worth noting that used SUV’s/pickup trucks do not enjoy this deduction.

Source.

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