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IRS announces business vehicle deduction limits for 20121 min read
The IRS has published depreciation limits for business vehicles first placed in service this year.
Because 50% bonus depreciation is allowed only for new vehicles, these limits are different for new and used vehicles.
* For new business cars, the first-year limit is $11,160; for used cars, it’s $3,160. After year one, the limits are the same for both new and used cars: $5,100 in year two, $3,050 in year three, and $1,875 in all following years.
* The 2012 first-year depreciation limit for trucks and vans is $11,360 for new vehicles and $3,360 for used vehicles. Limits for both new and used vehicles in year two are $5,300, in year three $3,150, and in each succeeding year $1,875.
For details relating to your 2012 business vehicle purchases, feel free to contact Simons Bitzer & Associates.
By Simons Bitzer
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