Luxury Car Section 179 Tax Deductions
Here at The Luxury Collection Walnut Creek, we’re pleased to cater to Greater Bay Area business owners who are looking for an upgrade in both style and productivity through the Section 179 tax deduction. As you’ll learn more about at our luxury car dealership near San Francisco, the Section 179 deduction allows you to deduct up to 100% of the costs of eligible vehicles.1 In order to qualify for Section 179, the vehicle must be purchased and put into service by December 31, 2022. Plus, the eligible vehicle you want to write off must be used for business purposes. Don’t wait, visit our local luxury dealer to buy a Section 179 eligible Aston Martin, Bentley, Lamborghini or Maserati today.
**As always, consult your tax professional for exact rules regarding Section 179 and vehicle eligibility. **
Section 179 Tax Limits
Section 179 is designed to assist small and medium businesses with their spending. For 2022, the Section 179 tax deduction limits are as follows:
- 2022 Deduction Limit: $1,080,0001 — valid on new and used equipment (must be new to the buyer).
- 2022 Spending Cap: $2,700,0001 — the max amount that can be spent on equipment before the Section 179 tax deduction begins to reduce on a dollar-for-dollar basis.
- 2022 Bonus Depreciation: 100%1 — generally taken after the Spending Cap is reached, valid on new and used equipment.
You can elect to claim up to 100% of the costs on qualifying commercial vans and trucks or claim partial deductions on traditional passenger vehicles that are used for business purposes at least 50% of the time. Used cars are eligible for Section 179 too, so you can pick out your preferred option and save on the price of a reliable commercial vehicle near San Francisco in the process. The Section 179 deductions for passenger vehicles are:
- Cars: $11,160 (including Bonus Depreciation)1
- Trucks & Vans: $11,560 (including Bonus Depreciation)1
- Certain SUVs Between 6,000-14,000 pounds: $25,000 (including Bonus Depreciation)1
You can claim partial deductions on traditional passenger vehicles that are used for business purposes at least 50% of the time. In fact, certain SUVs that weigh between 6,000-14,000 pounds can qualify for up to $25,000 in deductions, including Bonus Depreciation.1 Used cars are eligible for Section 179 tax savings as well, giving you the ability to buy a pre-owned Aston Martin SUV or Maserati model that’ll upgrade your business.
Eligible Section 179 Luxury Vehicles
From new Maserati Levante SUVs to used Bentley Bentayga trims, we have a select assortment of premium cars that are eligible for Section 179 waiting for you at our Greater San Francisco luxury car dealership. Wondering if the Lamborghini Urus meets the Section 179 tax qualifications? Interested in financing a new Aston Martin DBX to add to your fleet? Please contact The Luxury Collection Walnut Creek for a full list of eligible cars and to review the details on Section 179 in California.
1 Information accurate at date of publishing. Refer to https://www.section179.org for most up-to-date specifications.