Six Weird Vehicle-Related Tax Deductions Page 3

April 7, 2014

2015 Lincoln Navigator

2015 Lincoln Navigator

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Bigger trucks, bigger tax deduction. Ever wondered why businesses with relatively light hauling needs will often buy mammoth trucks or SUVs? That's because while the rules are rigid for passenger cars, a federal law allows 'bonus depreciation' for vehicles with Gross Vehicle Weight Ratings (GVWR) above 6,000 pounds. This is counterintuitive, and it's long been abused by small-business owners and those who are self-employed and merely need personal transportation—and get a vehicle like a Porsche Cayenne Turbo or Lincoln Navigator just because the numbers enable it.

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