As Realtor, do you need more 2022 tax deductions? If yes, continue reading.

Hi, Here’s an easy question: Do you need more 2022 tax deductions? If yes, continue reading. Next easy question: Do you need a replacement business vehicle? If yes, you can simultaneously solve or mitigate the first problem (needing more deductions) and the second problem (needing a replacement vehicle) if you can get your replacement vehicle in service on or before December 31, 2022. Don’t procrastinate. To ensure compliance with the “placed in service” rule, drive the vehicle at least one business mile on or before December 31, 2022. In other words, you want to both own and drive the vehicle to ensure that it qualifies for the big deductions. Now that you have the basics, let’s get to the tax deductions. 1. Buy a New or Used SUV, Crossover Vehicle, or Van Let’s say that on or before December 31, 2022, you or your corporation buys and places in service a new or used SUV or crossover vehicle that the manufacturer classifies as a truck and that has a gross vehicle weight rating (GVWR) of 6,001 pounds or more. This newly purchased vehicle gives you four benefits: The ability to elect bonus depreciation of 100 percentThe ability to select Section 179 expensing of up to $27,000MACRS depreciation using the five-year tableNo luxury limits on vehicle depreciation deductions Example. On or before December 31, 2022, you buy and place in service a qualifying used $50,000 SUV for which you can claim 90 percent business use. Your business cost is $45,000 (90 percent x $50,000). Your maximum write-off for 2022 is $45,000. 2. Buy a New or Used Pickup If you or your corporation buys and places in service a qualifying pickup truck (new or used) on or before December 31, 2022, then this newly purchased vehicle gives you four big benefits: Bonus depreciation of up to 100 percentSection 179 expensing of up to $1,050,000MACRS depreciation using the five-year tableNo luxury limits on vehicle depreciation deductions To qualify for full Section 179 expensing, the pickup truck must have a GVWR of more than 6,000 pounds, anda cargo area (commonly called a “bed”) of at least six feet in interior length that is not easily accessible from the passenger compartment. Short bed. If the pickup truck passes the more-than-6,000-pound-GVWR test but fails the bed-length test, tax law classifies it as an SUV. That’s not bad. The vehicle is still eligible for either expensing of up to the $27,000 SUV expensing limit or 100 percent bonus depreciation. If you would like to discuss vehicle strategies, please send us an email to hello@agfintax.com.

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Here is a list of vehicles with a gross loaded weight of over 6,000 lbs that qualify for the Section 179 Deduction. We have tried to make the list as exhaustive as possible; however, you can check the car manufacturer’s website to determine how much the vehicle weighs or you can look inside the driver’s door to verify the GVW rating of the vehicle.

• Audi Audit Q7 3.0T Premium
• Audi Q7 3.0L TDI
• BMW X5 M
• BMW X5 XDrive351
• BMW X6 M
• BMW X6 XDrive351
• Buick Enclave 2WD
• Buick Enclave 4WD
• Cadillac Escalade 2WD
• Cadillac Escalade 4WD
• Cadillac Escalade ESV
• Chevrolet Express 2500
• Chevrolet Express 3500
• Chevrolet Silverado C1500
• Chevrolet Silverado C2500
• Chevrolet Silverado C3500
• Chevrolet Silverado K1500
• Chevrolet Silverado K2500
• Chevrolet Silverado K3500
• Chevrolet Silverado 2500HD
• Chevrolet Silverado 3500HD
• Chevrolet Suburban C1500
• Chevrolet Suburban K1500
• Chevrolet Truck Tahoe 2WD LS
• Chevrolet Truck Tahoe 4WD LS
• Chevrolet Truck Tahoe Hybrid
• Chevrolet Truck Traverse 2WD
• Chevrolet Truck Traverse 4WD
• Chevrolet Truck Avalanche 2WD
• Chevrolet Truck Avalanche 4WD
• Dodge Grand Caravan
• Dodge Truck Durango 2WD
• Dodge Truck Durango 4WD
• Ford Truck Expedition 2WD
• Ford Truck Expedition 4WD
• Ford Expedition EL
• Ford Truck Explorer 2WD
• Ford Truck Explorer 4WD
• Ford Truck F-150 2WD
• Ford Truck F-150 4WD
• Ford Truck F-250
• Ford Truck F-350
• Ford Truck F-450
• Ford Truck Flex AWD
• GMC Acadia 2WD
• GMC Acadia 4WD
• GMC Savana C2500
• GMC Savana C3500
• GMC Sierra C1500
• GMC Sierra C2500 HD
• GMC Sierra C3500 HD
• GMC Sierra K1500
• GMC Sierra K2500 HD
• GMC Sierra K3500 HD
• GMC Yukon 2WD
• GMC Yukon 4WD
• GMC Yukon Hybrid
• GMC Yukon XL C1500
• GMC Yukon XL K1500
• Honda Odyssey
• Infiniti QX56
• Infiniti QX80
• Jeep Grand Cherokee
• Land Rover Range Rover 4WD
• Land Rover Range Rover SPT
• Land Rover LR4
• Land Rover Discovery
• Lexus LX570
• Lexus GX460
• Lincoln Navigator
• Lincoln Navigator L
• Lincoln MKT AWD
• Mercedes G550
• Mercedes GL500
• Mercedes Sprinter
• Mercedes Metris
• Mercedes Benz GL350 BlueTec
• Nissan Armada 2WD
• Nissan Armada 4WD
• Nissan NV Passenger
• Nissan NV 1500
• Nissan NV 2500
• Nissan NV 3500
• Nissan NV 1500 S V6
• Nissan NV 3500 S V6
• Nissan Titan 2WD S
• Porsche Cayenne
• Ram ProMaster 1500 Cargo
• Ram ProMaster 2500 Cargo
• Ram ProMaster 3500 Cargo
• Ram Ram 1500
• Ram Ram 2500
• Ram Ram 3500
• Tesla Model X
• Toyota 4Runner 2WD Ltd
• Toyota 4Runner 4WD Ltd
• Toyota Land Cruiser
• Toyota Sequoia 2WD
• Toyota Sequoia 4WD
• Toyota Tundra 2WD
• Toyota Tundra 4WD
• Volkswagen Touareg Hybrid