Updated for 2012
Tax Year 2012:
SUVs and other vehicles weight-rated over 6,000 are not subject to annual depreciation ceilings the way passenger cars and light trucks, vans, and SUVs weight-rated 6,000 pounds or less are.
A first-year-expensing deduction (Section 179) up to $25,000 may be claimed in 2012 for an SUV that is weight-rated over 6,000 pounds, but not over 14,000 pounds, and was placed in service in 2012.
If you use your vehicle less than 100% for business, you must allocate the amount of the Section 179 deduction, bonus depreciation, and regular depreciation, that relates to business use of the vehicle.
For example, if your total annual business miles were 60,000 (personal and business) and your business miles were 48,000, your business-use percentage is 80% (48,000/60,000).
Therefore, you would use the 80% rate to find your Section 179 allowance, bonus allowance, and regular MACRS depreciation via the depreciation table which assume 100% business use.
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