Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

2012 Vehicle Depreciation Amounts

Posted by taxguru on March 7, 2012

Each year, IRS issues the amounts that can be claimed as depreciation for vehicles placed into service that year, over their useful lives.  As has been the case since these Luxury Vehicle rules were implemented in 1984, they do not apply to vehicles weighing more than 6,000 pounds GVW.

Revenue Procedure 2012–23 (courtesy of CCH) has the following amounts for business vehicles placed into service during 2012. 

Passenger Automobiles:
Year 1 –  $3,160 ($11,160 if bonus depreciation applies)
Year 2 –  $5,100
Year 3 –  $3,050
Year 4 and on – $1,875 per year 

Trucks and Vans:
Year 1 –  $3,360 ($11,360 if bonus depreciation applies)
Year 2 –  $5,300
Year 3 –  $3,150
Year 4 and on – $1,875 per year

 

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