Vehicle/listed property types

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Use the following guidelines to determine the appropriate property type.

Luxury auto (passenger) and Van or light truck

Luxury auto (passenger)

Use this property type for "passenger automobiles." Passenger automobiles are four-wheeled vehicles primarily used on public roads and are rated at 6,000 pounds unloaded gross vehicle weight or less. (For a truck or van, the gross vehicle weight is substituted for unloaded gross vehicle weight.) The limits for passenger automobiles are applied to assets coded for this property type.

Van or light truck

Use this property type for trucks and vans placed in service after 2002 that are not qualified for non-personal use vehicles or are passenger automobiles built on truck chassis, including minivans and sport utility vehicles built on truck chassis.

Exceptions for Luxury auto (passenger) and Van or light truck property types

The following vehicles are not considered passenger automobiles.

Note: Use the Electric vehicle type for assets that are "electric passenger automobiles." These vehicles are primarily produced by an original equipment manufacturer and designed to run primarily on electricity. The limits for electric passenger automobiles are applied to assets coded for this property type.

Sport utility vehicle

Use this property type for sport utility vehicles and certain other vehicles. These vehicles cannot elect to expense more than $25,000 of the cost of the vehicle if placed in service after October 22, 2004. This applies to any four-wheeled vehicle primarily designed to carry passengers over public streets, roads, or highways that is not subject to passenger automobile limits and is rated at no more than 14,000 pounds gross vehicle weight.

Exceptions for Sport utility vehicles

The section 179 limit does not apply to any of the following vehicles.

Listed property (vehicle)

In general, use this property type for any vehicle property that is both:

The luxury auto limits to the depreciation allowed for the current year are not applied to assets that are coded "Listed property (vehicle)" on the Vehicle/Listed tab.

Note: For more information, see the IRS Form 4562 Instructions.

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