March 17, 2022
The tax law has special depreciation limits for motor vehicles - often incongruously called the "luxury auto" rules. The IRS has released (Rev. Proc. 2022-17) the updated limits, which apply to vehicles far below the Rolls-Royce level. There are different tables when bonus depreciation (Sec. 163(k)) applies and when it does not. The tables:
Related: What Dealerships Need to Know About Tax Reform
This is a roundup of tax news and opinion. Any opinions expressed or implied are those of the author and not necessarily those of Eide Bailly. Opinions found in linked items are those of the authors of the linked item, not of your bloggers or of Eide Bailly. “$” means link may be behind a paywall. Items here do not constitute tax advice.