2020 Chevrolet Tax Deductions
Gross Vehicle Weight Tax Deduction
As the year begins to wind down, smart business owners are reviewing their financial books to look for opportunities to lower their 2020 tax burden. Business vehicles purchased before the end of the year may qualify for significant tax breaks under current law. Your business may be eligible to immediately deduct up to 100% of the purchase price of an unlimited number of qualifying Chevy vehicles purchased in 2020 for business use.
SUVs, Trucks, and Vans
Vehicles that weigh over 6,000 pounds are treated differently than other vehicles. Trucks, vans and sport utility vehicles as defined in the Internal Revenue Code with a GVWR over 6,000 lbs. and placed in service during 2020 qualify for immediate depreciation deductions of up to 100% of the purchase price.
100% of purchase price eligible
- Express Cargo Van
- Express Cutaway
- Express Passenger Van
- Low Cab Forward
- Silverado 1500
- Silverado 2500 HD
- Silverado 3500 HD
- Silverado HD Chassis Cabs
Sedans and Small Crossovers
Most sedans and small crossovers will be identified as passenger automobiles. These vehicles will not be eligible for 100% depreciation, but are eligible for partial depreciation. Passenger automobiles as defined under the Internal Revenue Code (including sport utility vehicles, trucks and crossovers with a GVWR of 6,000 lbs. or less) and placed in service during 2020 qualify for immediate depreciation deductions of up to $18,100 per vehicle.
Up to $18,100 per vehicle eligible
- Bolt EV