The IRS has published
depreciation limits for business vehicles first placed in service this year.
These limits remain largely unchanged from 2016 limits. Because 50% bonus
depreciation is allowed only for new vehicles, these limits are different for
new and used vehicles.
* For new business cars, the
first-year limit is $11,160; for used cars, it's $3,160. After year one, the
limits are the same for both new and used cars: $5,100 in year two, $3,050 in
year three, and $1,875 in all following years.
* The 2017 first-year
depreciation limit for trucks and vans is $11,560 for new vehicles and $3,560
for used vehicles. The limits for both new and used vehicles in year two are
$5,700, in year three $3,450 (up $100 from 2016), and in each succeeding year $2,075.
For details relating to your
2017 business vehicle purchases, contact us at (518) 798-3330.
