Business owners may be eligible to write off the entire purchase price of a new luxury van in the year they take delivery. That’s like the IRS writing you a check for up to $80,000.
- This is possible because of IRS Section 179, which states that you can deduct the cost of certain property when the property is used in a trade or business. You can take up to 100% depreciation within the first year*.
- According to The Tax Cuts and Jobs Act, the deduction limit for Section 179 increased to $1,000,000 for 2018 and beyond. The limit on equipment purchases likewise has increased to $2.5 million.
Contact Auto Elite so we can help you take advantage of these Huge Tax Savings
*Certain restrictions apply so it’s important to check with your accountant.
