The IRS recently announced new depreciation limits for vehicles placed in service in 2010. (IRS Revenue Procedure 2010-18)
The limits under the “luxury car rules” are comparable to the ones for 2009 except that you can no longer qualify for 50% bonus depreciation.
Here’s a quick summary of the maximum depreciation deductions for 2010 assuming 100% business use.
|
|
Passenger autos |
Trucks and vans |
|
First tax year |
$3,060 |
$3,160 |
|
Second tax year |
$4,900 |
$5,100 |
|
Third tax year |
$2,950 |
$3,050 |
|
Each succeeding tax year |
$1,775 |
$1,875 |
The IRS announcement also establishes the new “inclusion amounts” you must report on leased vehicles costing more than $16,700. New break: The inclusion amounts for leased vehicles placed in service in 2010 are about 20% less than the amounts for the prior year.
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