Section 179 Vehicle Deduction 2024. Internal revenue code (“section 179”). Learn which types of cars, vans, and light trucks qualify for the section 179 tax deduction.
Section 179 of the irs tax code allows businesses to deduct the full purchase price of qualifying equipment and vehicles purchased or financed during the tax year. Now, the vehicle must have a gross vehicle weight rating (gvwr) between 6,001 and 14,000 pounds, and you’re allowed a maximum section 179 deduction of $30,500 for.