BMW X5 AND X6 TAX BENEFITS

BMW X6
UPDATED FOR 2019

RECEIVE AN IMMEDIATE TAX WRITE-OFF


New in 2018 was the enhancement of the tax benefit of purchasing a BMW X5 or X6 for at least 50% business use. This represents a substantial tax savings for business owners. In past years there was an immediate depreciation write-off and an additional 50% bonus depreciation. The recently enacted Tax Cuts and Jobs Act has provided new depreciation rules outlined below.


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

  1. Immediate bonus depreciation deduction: ($60,000 x 100%) = $60,000

To qualify, the X5 or X6 must be purchased (not leased) and must be used at least 50% for business purposes.

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

We Are Not Accountants!

The information above is provided as a reference only, and may not apply in your situation. Should you have any questions regarding the tax benefits, and their application in your situation, please consult a tax professional.

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