X5 and X6 Tax Benefit for 2017



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YOU MAY QUALIFY FOR BMW TAX BENEFITS

One of the hidden benefits of the X5 and X6 models is that there may be a significant tax deduction available to you if purchased for "business use". SUVs that have a gross vehicle weight greater than 6,000 lbs are categorized differently by the IRS than other luxury automobiles.

This means that:

  • Business owners that purchase an X5 or X6 may be eligible for an Immediate Tax Write-Off of up to $25,000 of the Purchase Price.

  • Furthermore, an additional Bonus Depreciation Tax Write-Off is also available for such NEW vehicles purchased and placed in service during 2017.

Here's How They may benefit you.....



X5 Purchase Price: $60,000 with 100% Business Use

  • Immediate tax depreciation write-off = $25,000.
  • Additional 50% bonus depreciation deduction ($60,000 - $25,000) X 50%) = 17,500.
  • 1st year Depreciation Write-Off ($60,000 - $25,000 - $17,500) X 20%) = $3,500.
  • Potential total first year depreciation of $25,000 + $17,500 + $3,500 = $46,000.

As you can see that is a game changing savings. To qualify for this offer however, the X5 or X6 must be purchased (not leased) and must be used for at least 50% for business purposes.



We here at Richmond BMW are in the business of providing automotive advice and consultation, NOT tax advice. You and your individual tax adviser are the best resource to know whether this specific situation applies in your case. Richmond BMW is not qualified to advise you on your tax status or eligibility and we can not guarantee your situation will allow for these deductions. Furthermore, Richmond BMW DOES NOT ENCOURAGE NOR CONDONE filling out your taxes dishonestly.