Whether driving to a meeting in challenging road conditions or navigating these unprecedented times, the world is much more appealing from the driver’s seat of a new Land Rover vehicle. Since many of our vehicles have Gross Vehicle Weight Ratings (GVWR) greater than 6,000* pounds, they can be fully depreciated in the first year of ownership when used for business 100% of the time, giving you the freedom to spend on the things that matter most. Take advantage of an accelerated tax depreciation schedule to help increase your company’s bottom line.**
Vehicles classified as “heavy” can receive a tax deduction under Section 179 up to $28,900. In 2023, the bonus depreciation rate is 80%.
The vehicle must also be used for business purposes, and it must be purchased and placed into service within the tax year. When claiming the Section 179 deduction, it is advisable to consult with a tax professional or vehicle valuation expert who can accurately assess the vehicle’s value and ensure compliance with IRS guidelines.
*The Range Rover, Range Rover Sport, Discovery, Defender 110 and Defender 130 have gross vehicle weight ratings (GVWR) greater than 6,000 pounds and are classified as heavy SUVs. As such, these vehicles can be fully depreciated in the first year of ownership when used for business 100% of the time. GVWR is the manufacturer’s rating of the vehicle’s maximum weight when fully loaded with people and cargo. Visit Land Rover Raleigh for details.
**Individual tax situations may vary. Information accurate at time of publication. Federal rules and tax guidelines are subject to change. Consult your tax adviser for complete details on rules applicable to your business.