Section 179 deduction and eligible vehicles
Small businesses can use Section 179 to write off a portion of eligible commercial vehicle purchases in 2022. The following list and information guide have been updated for 2022. Consult your accountant with questions about vehicle eligibility and the rules that apply to your business.
Which vehicles are eligible for the Section 179 Deduction Vehicle List in 2022?
A list of vehicles eligible for Section 179 tax relief includes:
- Over 50% commercial use and heavy-duty SUVs, pickups and vans weighing over 6,000 lbs. Gross vehicle weight is eligible for at least a portion of the Section 179 deduction, plus additional depreciation.
- Obvious “work” vehicles with no potential for personal use are generally eligible.
- Delivery vehicles, such as classic vans or vans without passenger seats, may qualify.
- Special “single purpose” vehicles are generally eligible – hearses, ambulances, etc.
Which truck and SUV models are eligible?
To meet weight standards, the manufacturer’s Gross Vehicle Weight Rating (GVWR) must exceed 6,000 pounds. You can verify a specific vehicle’s GVWR by checking the manufacturer’s sticker, which is usually located on the inside edge of the driver’s side door, where the door hinges meet the vehicle frame. This is a partial list of SUVs and trucks that may qualify for the* tax deduction.
- Audi Q7
- BMW X5, X6
- Buick enclave
- Cadillac XT5, XT6, Escalade
- Chevrolet Silverado, Suburban, Tahoe, Traverse
- Chrysler Pacific
- Dodge Durango, Caravan
- Ford Expedition, Explorer, F-150 and larger
- GMC Arcadia, Sierra Leone, Yukon
- Honda Pilot 4WD, Odyssey
- Infiniti QX80, QX56
- Jeep Grand Cherokee
- Range Rover, Discovery
- Lexus GX460, LX570
- Lincoln MKT AWD, Navigator
- Mercedes-Benz G550, GLS, GLE, Metris, Sprinter
- Nissan Armada, NV 1500, NVP 3500, Titan
- Porsche Cayenne
- Tesla Model X
- Toyota 4Runner, Land Cruiser, Sequoia, Tundra
Eligibility for Vehicles over 6000 Pounds deductions will depend on declared usage, vehicle GVW (varies with trim packages and options), etc. Check with your accountant about eligibility for any specific vehicle.
Do new and old vehicles meet the requirements of Article 179?
Like all Section 179 deductions, the vehicle must be new or new to you.
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Yes, both old and new cars will be available.
Is there a time limit for Section 179 on vehicle use in 2022?
Yes – you must purchase the vehicle and put it into service between January 1st and December 31st of the calendar year in which you apply for cancellation.
Can I finance a vehicle and make a Section 179 deduction?
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Yes, this can be a very effective way to get the work vehicle you need and save on taxes. If your business is more than two years old and has a good credit history, Section 179 Qualified Financing can help you save even more!
Can I provide Section 179 financing for work vehicles sold by my company?
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Yes, with Crest Capital’s Vendor Program, you can finance work vehicles that are 100% commercial (not personal) use. Please Note: Our program is not for ordinary passenger vehicles, but for real work vehicles such as delivery trucks, heavy equipment/construction vehicles, dump trucks, trailers, trailers, specialty commercial vehicles, etc. Your business clients will love access to quality financing that can be used in conjunction with Section 179.
This page is for general information purposes only and is not intended to provide tax advice or any guarantee that a particular vehicle will be eligible for any deductions under Section 179. Crest Capital is not an accounting firm and is not responsible for Errors or omissions.
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Crest Capital invites all business owners to check with their accountant regarding taxes, deductions, compliance with Section 179 and the rules applicable to your business.
Trucks over 6000 pounds
GMC SIERRA Depreciation
The GMC Sierra 1500 is expected to depreciate 37% after 5 years and has the potential for a 5-year resale value of $28,816. If your business needs a full-size truck, the Sierra 1,500 has great towing and towing capacity.
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It has three cargo bays to choose from, from the 8-foot-long monster to the more compact 5-foot-8. There are also three taxis to choose from, accommodating three to six people. You can choose from five engine options depending on your needs, and if you plan to do a lot of towing, the mighty V-8 is the way to go. If fuel efficiency is your top priority, you may want to opt for a turbo diesel engine.