Section 179 Deduction

Section 179 of the IRS tax code gives businesses the opportunity to deduct the price of qualifying equipment, including vehicles, that are purchased or financed during the tax year. To be eligible for the Section 179 deduction, a vehicle must have a GVWR (gross vehicle weight rating) over 6,000 pounds, but not more than 14,000 pounds. With a qualifying tax vehicle weight, your business can take advantage of a deduction of up to $25,000. We recommend that you consult your tax professional for exact rules regarding Section 179 and vehicle eligibility. Some of the other conditions regarding the 6,000-pound car write-off:

• The vehicle can be either new or used, and it must be purchased in an “arms-length” transaction that has been financed with qualified loans and leases. In addition, the title of the vehicle must be in the company’s name and not in the name of the company owner.
• The vehicle should be used for business purposes at least 50% of the time. If the vehicle is not used 100% of the time for business purposes, then there is a reduction of depreciation limits by the corresponding percentage of personal usage.
• The Section 179 deduction can only be claimed in the tax year in which the vehicle has been put into service.
• A vehicle that has been used for personal purposes before being changed to business use does not qualify for the Section 179 deduction.

Note that individual tax situations may vary, so you should consult your tax advisor for complete details on the rules applicable to your business.

Is the Maserati Levante Eligible for the Section 179 Deduction?

Yes, the Levante meets the tax vehicle weight provisions for the Section 179 deduction. Take a look at the Maserati Levante tax vehicle weight:

• Levante GT / Modena / Modena S GVWR: 6,116 pounds
• Levante Trofeo GVWR: 6,228 pounds