Qualifying Models: Range Rover, Range Rover Evoque, Range Rover Sport, Range Rover Velar
Discovery, Discovery Sport
Qualifying Models: Defender 110, Defender 130, Defender 90
Section 179 allows your business to deduct the full purchase price of a qualifying Land Rover vehicle purchased or financed BEFORE the tax year ends. This means you could write off the entire cost of a new Land Rover, making it an cost-effective way to upgrade your business vehicle. You must purchase the vehicle before 12/31/24 to be able to access this write-off for the 2024 tax year.
Section 179 of the IRS tax code allows businesses to deduct the full cost of qualifying vehicles with a Gross Vehicle Weight Rating (GVWR) over 6,000 pounds as an expense. Instead of depreciating the cost over multiple years, this deduction can be taken in full during the year the vehicle is placed in service, providing a major tax benefit for businesses investing in heavy-duty vehicles.
The main benefit of Section 179 is the ability to reduce taxable income by deducting the cost of equipment immediately. This provides a major cash flow advantage, making it easier for you and your business to reinvest in growth or other critical areas. The deduction limit for 2024 is $1,080,000, which means businesses can make substantial deductions on qualifying purchases.
Yes, certain Land Rover models qualify for Section 179 deductions, particularly those with a Gross Vehicle Weight Rating (GVWR) over 6,000 pounds. Models like the Range Rover, Range Rover Sport, Defender 90, Defender 110, Defender 130, and Discovery meet this criterion.
For qualifying vehicles over 6,000 pounds GVWR, the maximum Section 179 deduction is $30,500. This amount is subject to change based on IRS guidelines, so it’s advisable to consult with a tax professional for the most current information.
Yes, the vehicle must be used for business purposes more than 50% of the time to qualify for the Section 179 deduction. Proper documentation of business use is essential.
Section 179 primarily applies to purchased equipment. Leased vehicles generally do not qualify for this deduction. However, certain lease-purchase agreements might be eligible. Consult with a tax advisor to explore your specific situation.
Maintain detailed records including purchase invoices, financing agreements, and a mileage log distinguishing between business and personal use. This documentation is crucial in case of an IRS audit.
