Accounting and Tax Services
Mar 26

2008 Auto Depreciation Limits

The Economic Stimulus Act of 2008 increased the Section 280F luxury auto depreciation limit by $8,000 for qualifying vehicles placed in service during 2008. The IRS announced that the depreciation limit for passenger autos placed in service during 2008 will be $2,960 for the first tax year, or $10,960 taking 50% bonus depreciation into account, while the limit for trucks and vans placed in service during 2008 will be $3,160, or $11,160 with the 50% bonus depreciation. To achieve parity for vehicles that are leased rather than owned and depreciated, the IRS also published the income inclusion amounts for lessees of passenger autos, trucks, and vans for 2008.

About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read more →