Hi all, So I own a Real Estate LLC (Partnership) in NYC and have LLC income in 2024 of ~$185K , plus W2 Income of around $35K.

    Now, I need a car for work (old one died) – I'm a RE Broker and Investor – and will be using this SUV for work – around 80 – 90% realistically. )And Yes, I've had this LLC for 10+ years, so no I didn't just magically appear in this gig LOL.)

    SUVs I'm considering are between $30 – 60K.

    I've been told by a CPA who's SOMEWHAT familiar (but is not a tax attorney) with Section 179 write-offs, that the Max I can deduct is $30,500 or 31K in 2024?! Is this true?

    I'm confused, b/c I've read on previous posts here, of someone being able to deduct 80% of a $100K SUV ($80K) which seems great, but contrasted with the $30,500 limit, I think I'm missing something.

    Also, in terms of which models qualify, is it ANY SUV over 6K Lb, b/c in this link it actually OUTLINES a list of "Approved" SUVs that qualify and I'm considering 1 model on, and off that list.

    I will make this purchase by yearend and place into service prior to.

    Thanks again for clarifying!

    Figuring Out Max Deduction Section 179 6000 Lb GVWR
    byu/metro345 intax



    Posted by metro345

    1 Comment

    1. Formal_Avocado972 on

      Sport Utility and Certain Other Vehicles
      You cannot elect to expense more than $28,900 of the cost of any heavy sport utility vehicle (SUV) and certain other vehicles placed in service in tax years beginning in 2023. This rule applies to any 4-wheeled vehicle primarily designed or used to carry passengers over public streets, roads, or highways that is rated at more than 6,000 pounds gross vehicle weight and not more than 14,000 pounds gross vehicle weight

      Source https://www.irs.gov/publications/p946

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