Posts Tagged ‘168(k)’
Rev. Proc. 2012-23 Spells Out 2012 Luxury Auto Depreciation Limits
With a new year we get new luxury automobile depreciation limits. You have code section 280F to thank for this one and you can find the new limits in Revenue Procedure 2012-23. For passenger auto’s, the 2012 limit is $11,160 if the bonus depreciation rules (168(k)) apply. For trucks and vans, the limit is $11,360. If the bonus depreciation rules do not apply, the limit for passenger cars is $3,160 and the limit for trucks and vans is $3,360.