Land Rover Tax Advantage

Did you know that you can get a tax advantage if you purchase a vehicle for business purposes before the end of 2024? You can take a Section 179 tax deduction as a business expense for your company in Lexington. But then you can also get a Section 168(K) tax deduction as an additional incentive for purchasing the right Land Rover in Louisville.

You will need to know some basic information about the tax depreciation advantages that a new Land Rover can hold for your company. Read our guide to learn more from Land Rover Louisville ahead of a test drive, and before you talk to your accountant about a Land Rover tax advantage for 2024.

What Is the Potential Land Rover Tax Advantage for 2024?

The main Land Rover tax advantage for purchasing your vehicle for 2024 comes in two forms, with some stipulations:

• Must be used for business purposes 100% of the time
• Must be purchased before Jan. 1, 2025

Which tax depreciation advantages you get will depend on which vehicle you purchase. For the Section 179 tax deduction, you can get one for a heavy vehicle that weighs 6,000 pounds or more or a light vehicle that weighs less than that. You can get a bonus depreciation from the Section 168(K) tax deduction of up to 60% of the purchase price.

Again, we highly recommend consulting with your tax professional for the details of the tax depreciation advantages of buying a new vehicle in 2024 near Elizabethtown.

What Are the Tax Deductions I Can Get for a Land Rover?

For the heavy vehicle tax deduction, you can deduct up to $30,500 for the purchase plus up to 60% of the purchase price. Again, the vehicle must have a gross vehicle weight rating (GVWR) of over 6,000 pounds.

For example, you want a luxury SUV for transporting people near Bowling Green. Or maybe you need a new vehicle for your adventuring business where you go off-road.

Here is an example of what your Land Rover tax advantage could look like:

• Defender 110 X Purchase Price: $90,800
• Section 179 Tax Deduction: $30,500
• Section 168(K) Tax Deduction (bonus, 60%): $54,480
• Total 1st Year Depreciation: $84,980

As you can see, you could realize a tax deduction of a substantial portion of the purchase price of your new Land Rover in 2024.

Which Land Rover Vehicles Qualify for a “Heavy” Section 179 Tax Deduction?

If you want to get the most out of your taxes, shop for one of these vehicles on our lot:

• Defender 90
• Defender 110
• Defender 130
• Discovery
• Range Rover
• Range Rover Sport

Any of our other vehicles would also qualify for tax incentives, just not as much as the heavier vehicles. Those have maximum deductions of $20,500 total. You will be able to deduct lower amounts of depreciation in the next few years at specified levels, but the bonus depreciation is occurring in 2024 for the 60% level.

Test-Drive a New Land Rover for Sale in Louisville

Do you have any questions about the Section 179 tax deduction or other tax deductions? What about tax depreciation advantages? Let us know and prepare to take your business operations to new heights with a new Land Rover from Land Rover Louisville. Contact us online or call (502) 378-3653 to schedule a test drive at your convenience.