If you’re considering buying a used Ford truck for your business, you may have heard or wondered about Section 179 of the tax code. This provision allows businesses to deduct the full purchase price of qualifying business equipment, including vehicles, for the current tax year. Here at Hall Ford Elizabeth City, our Ford finance experts are happy to share that, yes, the Section 179 deduction applies for used Ford trucks. This is an overview of how it works.
An Overview of Section 179
Carefully utilizing Section 179 of the tax code can bring tax benefits saving your business thousands of dollars. The automobiles that qualify under Section 179 include both new and pre-owned vehicles, which may be passenger vehicles, heavy trucks, and vans purchased and put into use in the same year. This means that used Ford trucks, such as the Ford F-150, Ford F-250, and even the Ford Super Duty range, could be eligible.
However, there are some exceptions to Section 179:
Business Use: The truck must be used for business purposes over 50 percent of the time.
Weight Limits: Generally, vehicles with a gross vehicle weight rating (GVWR) over 6,000 pounds qualify, meaning many Ford trucks fit the bill.
Deduction Limits: While the deduction limit for FY 2023 is $1,080,000, there are spending caps on vehicles under Section 179. We recommend consulting a tax professional for personalized advice.
Explore Your Used Ford Truck Options in Elizabeth City, NC
Here at Hall Ford Elizabeth City, we are your source for used Ford trucks in Elizabeth City, NC. Stop by our dealership today to find the right truck for your business needs! Our experienced finance professionals are also happy to explain more about Section 179!
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