Luxury auto depreciation limits
announced for 2016
The IRS recently issued the
depreciation limits for business vehicles you buy and place into service this
year. For cars, if 50% bonus depreciation does not apply, the first year limit
is $3,160. If bonus depreciation applies to a business car, the first year
limit is $11,160. For light trucks and vans first placed into service in 2016,
the limit is $3,560 if bonus depreciation does not apply and $11,560 if bonus
depreciation does apply. Heavy SUVs (vehicles built on a truck chassis and
rated at more than 6,000 pounds gross weight) are exempt from "luxury auto"
depreciation limits.
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