[jlim0930]

will be using the X5 for business purposes

Section 179 states that the vehicle must be over 6000lb unloaded weight but I believe X5's unloaded weight is less than 6000lb(looking at the sticker on the door panel)

Also does anyone know about the 168(k) bonus depreciation and how it works?

[TurtleBoy]

Originally Posted by jlim0930

will be using the X5 for business purposes

Section 179 states that the vehicle must be over 6000lb unloaded weight but I believe X5's unloaded weight is less than 6000lb(looking at the sticker on the door panel)

Also does anyone know about the 168(k) bonus depreciation and how it works?

You are misreading/misunderstanding section 179. It does not say the vehicle's weight must be over 6,000 lbs but rather GVWR. The GVWR of the X5 is a bit over 6,100 lbs I believe.

[dc22]

Only needs to be +6,000lbs GVWR for Section 179. The X5 45e I just took delivery on is 6,967 lbs.

[jlim0930]

My cpa stated that it must be the unloaded weight over 6000 not GVWR. I read similar on 4562

[AbleDanger]

Originally Posted by jlim0930

My cpa stated that it must be the unloaded weight over 6000 not GVWR. I read similar on 4562

I'm no accountant, but any number of Google searches notes it's GVWR. Might have them double-check so you can take advantage of that if able.

[TurtleBoy]

Originally Posted by jlim0930

My cpa stated that it must be the unloaded weight over 6000 not GVWR. I read similar on 4562

In that case ask your CPA to do a little reading up on the subject. It definitely is NOT unloaded weight.

[dc22]

https://www.irs.gov/publications/p94...20not%20apply.

Sport Utility and Certain Other Vehicles
You cannot elect to expense more than $26,200 of the cost of any heavy sport utility vehicle (SUV) and certain other vehicles placed in service in tax years beginning in 2021. 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. However, the $26,200 limit does not apply to any vehicle:

Designed to seat more than nine passengers behind the driver's seat;
Equipped with a cargo area (either open or enclosed by a cap) of at least 6 feet in interior length that is not readily accessible from the passenger compartment; or
That has an integral enclosure fully enclosing the driver compartment and load carrying device, does not have seating rearward of the driver's seat, and has no body section protruding more than 30 inches ahead of the leading edge of the windshield.