Can I deduct a commercial truck from my business taxes?
Take advantage of a tax deduction for your commercial vehicle
If you bought a commercial Chevrolet vehicle for business use in 2022, you might be able to deduct it from your taxes. Keep reading below for details on what can be deducted. You can find commercial trucks and vans here at Carl Black Orlando in Orlando, FL.
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Which Chevrolet vehicles can be deducted from my business taxes?
Some Chevrolet vehicles can be deducted up to 100% of your purchase price, while others can be partially deducted. Below you can see the first-year vehicle depreciation limits for 2022. You can deduct up to 100% of the purchase price for an unlimited number of qualifying vehicles.
Up to 100% of the purchase price (no pre-vehicle or aggregate limitation) |
Up to $19,200 per vehicle (no aggregate limitation) |
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When must I have purchased my vehicle to deduct it from my taxes?
The vehicle you deduct from your taxes this year should be one you purchased in 2022. Since we do taxes in the next year, the taxes you’re doing now are for last year. Therefore, a vehicle purchased in 2023 can’t be deducted from your taxes. You also can’t go back more than one year and try to deduct a vehicle from a previous year.
What does it mean that a vehicle is purchased for a business?
While the vehicle must be one of the above models, that’s not enough to qualify it for a deduction from your business taxes. You also need to intend the vehicle for use at your business, not for personal use. Otherwise, it won’t qualify.
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