The first-year depreciation
deduction limits for owners of vehicles placed in service this year are $8,000
higher than they were for 2015: $11,160 for passenger automobiles and $11,560
for trucks and vans, the IRS said.
In Revenue Procedure 2016-23 released
on April 1, the IRS said the amounts reflect provisions of the 2015 Protecting
Americans from Tax Hikes Act, which raised the first-year depreciation limits.
The limitation for vehicles for which the bonus depreciation deduction doesn't
apply remains at $3,160 for passenger vehicles and rises $100 to $3,560 for
trucks and vans.
The Revenue Procedure also revises
the tables of depreciation limitations and lessee inclusion amounts for
automobiles first placed in service or leased during 2015 and to which the 50
percent bonus depreciation applies as extended by the PATH Act.
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