February 2010

IRS Issues 2010 Updates for Automobile Depreciation Deduction Limits

From Journal of Accountancy.

The IRS provided the 2010 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under IRC § 280F (Revenue Procedure 2010-18).

For passenger automobiles (other than trucks or vans) placed in service during calendar 2010, the depreciation limit under IRC § 280F(d)(7) is $3,060 for the first tax year; $4,900 for the second tax year; $2,950 for the third tax year; and $1,775 for each successive tax year. Trucks and vans have higher limits: $3,160 for the first tax year; $5,100 for the second tax year; $3,050 for the third tax year; and $1,875 for each successive tax year.

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This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.