IRS Tax Tip: Depreciation Limits on Luxury Autos After Tax Reform (IRC §280F)

Depreciation limits for passenger vehicles placed in service after 2017 changed due to the 2017 tax act, Pub. L. No. 115-97, the IRS stated. The dollar amounts in effect depend on whether the taxpayer claims bonus depreciation under tax code Section 168(k). The IRS notes the limits for the first three years and each later taxable year in the recovery period. [IRS Tax Tip 2018-177 (Nov. 15, 2018)]

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