Here are some major factors that determine whether a vehicle is subject to the limit for SUVs. It weighs more than 14,000 pounds. More than nine people can sit in the vehicle behind the driver’s seat. The vehicle has a cargo compartment 6 or more feet long, and the compartment isn't...
The IRS also limits the potential deduction for cars, trucks, and SUVs. For example, in 2024 you can deduct up to $30,500 of the purchase price in year one. If the vehicle costs more than that, you are allowed to carry over the rest of that purchase price as a deduction in subsequ...