New BMW X5 and X6 2018 Tax Benefit

 

Here's how YOU QUALIFY FOR the BMW TAX BENEFIT

This years newly enacted Tax Cuts and Jobs Act (Act) has enabled many with some new tax-based resources that could prove to be very helpful now and beyond 2018. Here is a basic outline below summarizing what is currently available.

As a result of the Act, business owners may now deduct up to 100% of the vehicle purchase price when the vehicle is purchased for business use, as the IRS categorizes SUVs with a gross vehicle weight in excess of 6,000 pounds differently than other luxury automobiles.

This means that:

  • Business owners that purchase an X5 or X6 in tax years 2018 through 2022 may be eligible for a 100% Write-Off of the Purchase Price.

 

X5 OR X6 PURCHASE PRICE: $60,000 WITH 100% BUSINESS USE

  • A 100% bonus depreciation deduction ($60,000 x 100%) = $60,000

Make an Inquiry

Business owners have been presented with a substantial tax savings! To qualify, the X5 or X6 must be purchased (not leased) and must be used at least 50% for business purposes. This deduction applies to both new and used vehicles acquired by purchase, so long as the acquiring taxpayer had not previously used the acquired vehicle, and did not acquire the vehicle from a related party.

Please note that the bonus depreciation percentage phases down by 20% per year after tax year 2022 (i.e., bonus depreciation percentage is lowered to 80% for 2023, 60% for 2024, 40% for 2025, and 20% for 2026).