Question

What if my vehicle is exactly 6000 lbs?

Forum|Forum|5 years ago
March 7, 2021
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TurboTax Self Employed Online

If your vehicle used for business is exactly 6,000 lbs, you may depreciate the vehicle up to 5 years, if using actual expenses. Example of vehicles under or 6000 lbs. are small cars and small SUV'S.

For passenger automobiles placed in service in 2020 for which no Sec. 168(k) additional (bonus) first-year depreciation deduction applies, the depreciation limit under Sec. 280F(d)(7) is $10,100 for the first tax year; $16,100 for the second tax year; $9,700 for the third tax year; and $5,760 for each succeeding year.