LAND ROVER FOR BUSINESS WHEN USED PREDOMINANTLY FOR BUSINESS, OWNING A RANGE ROVER, RANGE ROVER SPORT OR LR4 CAN INCREASE YOUR BUSINESS’S BOTTOM LINE
TAX ADVANTAGES BECAUSE RANGE ROVER, RANGE ROVER SPORT AND LR4 HAVE GROSS VEHICLE WEIGHT RATINGS GREATER THAN 6,000 POUNDS,** THEY QUALIFY FOR AN ACCELERATED TAX DEPRECIATION SCHEDULE. THEY CAN BE DEPRECIATED UP TO 60 PERCENT IN THE FIRST YEAR, AND FULLY DEPRECIATED IN 6 YEARS. THAT’S A SIGNIFICANT ADVANTAGE COMPARED TO SIMILARLY PRICED LUXURY CARS.
TAX DEPRECIATION COMPARISONS
The comparisons below illustrate the tax depreciation advantages for business owners who purchase a new Range Rover, Range Rover Sport or LR4 before December 31, 2015.† Please consult your tax advisor on how this information can be applied to your individual business situation.
1. Range Rover depreciation can continue at $6,797 in Year Five, and $3,398 in Year Six, at which point it is fully depreciated. Range Rover Sport depreciation can continue at $4,493 in Year Five, and $2,246 in Year Six, at which point it is fully depreciated. Land Rover LR4 depreciation can continue at $2,880 in Year Five, and $1,440 in Year Six, at which point it is fully depreciated.
2. Luxury car depreciation can continue at $1,875 per year for each succeeding year until the vehicle is fully depreciated or sold.
** With Gross Vehicle Weight Ratings (GVWR) of more than 6,000 pounds, these Land Rover models are classified as “heavy SUVs.” Gross Vehicle Weight Rating (GVWR) is the manufacturer’s rating of the vehicle’s maximum weight when fully loaded with people and cargo.
†Comparisons based on Section 179 of the Internal Revenue Code, and reflect figures for owners who purchase vehicles for 50 percent or greater business use, and place vehicles in service by December 31, 2015.
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