Tax Reform Tax Tip 2018-177: Tax Reform changes depreciation limits on luxury automobiles

 

IRS Tax Tips November 15, 2018

Useful Links: IRS.gov Help For Hurricane Victims News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsroom Topics Multimedia Center Noticias en Español Radio PSAs Tax Scams/Consumer Alerts The Tax Gap Fact Sheets IRS Tax Tips Armed Forces Latest News IRS Resources Compliance & Enforcement News Contact Your Local IRS Office Filing Your Taxes Forms & Instructions Frequently Asked Questions Taxpayer Advocate Service Where to File IRS Social Media

Issue Number:    Tax Reform Tax Tip 2018-177 Tax Reform changes depreciation limits on luxury automobiles The Tax Cuts and Jobs Act changed depreciation limits for passenger vehicles placed in service after Dec. 31, 2017. If the taxpayer doesn't claim bonus depreciation, the greatest allowable depreciation deduction is: $10,000 for the first year $16,000 for the second year $9,600 for the third year $5,760 for each later taxable year in the recovery period If a taxpayer claims 100 percent bonus depreciation, the greatest allowable depreciation deduction is: $18,000 for the first year $16,000 for the second year $9,600 for the third year $5,760 for each later taxable year in the recovery period This change applies to property placed in service after Dec. 31, 2017. Share this tip on social media -- #IRSTaxTip: Tax Reform changes depreciation limits on luxury automobiles. https://go.usa.gov/xPGCC Back to Top                     Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message.

 

---

Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page. You will need to use your email address to log in. If you have questions or problems with the subscription service, please contact subscriberhelp.govdelivery.com.

This service is provided to you at no charge by the Internal Revenue Service (IRS).

---

This email was sent to business.solutions.ve@gmail.com by: Internal Revenue Service (IRS) · Internal Revenue Service · 1111 Constitution Ave. N.W. · Washington DC 20535