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Archive for March 2nd, 2011

2011 Vehicle Depreciation Limits

Posted by taxguru on March 2, 2011

CCH has the newly announced limits for depreciation on vehicles first placed into service in 2011. 

For passenger automobiles first placed in service during 2011, the deduction limitations for the first three tax years are: $3,060 ($11,060 if bonus depreciation applies), $4,900, and $2,950, respectively, and $1,775 for each succeeding year. For trucks and vans first placed in service in 2011, the depreciation limitations for the first three years are $3,260 ($11,260 if bonus depreciation applies), $5,200, and $3,150, respectively, and $1,875 for each succeeding year.

I checked TheTaxLibrary, and they don’t have Revenue Procedure 2011–21 posted yet.  I will link to it when it shows up there.

UpdateRev Proc 2011–21 (15 page pdf) from IRS.

 

 

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Posted by taxguru on March 2, 2011

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