IRS Updates Auto Depreciation Limits for 2023
January 18, 2023
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The tax law has special depreciation limits for motor vehicles - often incongruously called the "luxury auto" rules. The IRS has released (Rev. Proc. 2023-14) 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
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