2017 Vehicle Depreciation Limitations IRS Rev Proc 2017-29

John Dundon, vehicle depriciation

According to IRS Rev Proc 2017-29 (assuming IRC 168(k) applies) 1st year magic numbers are:

  • $11,160 for passenger autos
  • $11,560 for Trucks and Vans

The rev proc also details lease inclusion amounts.

Be sure to understand whether additional first year depreciation deductions apply under Internal Revenue Code Section 168(k).

We all love our bonus depreciation!

The principal author of this revenue procedure is Bernard P. Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). For further information regarding this revenue procedure, contact Mr. Harvey at (202) 317-7005 (not a toll-free call).

Enrolled with the United States Treasury Department to practice before the IRS, governed by rules stipulated in United States Treasury Circular 230. As a Federally Authorized Tax Practitioner and a tax appeals specialist my Enrolled Agent License #85353 is issued by the United States Treasury. With this license I work for U.S. taxpayers everywhere to resolve tax matters and de-escalate stress about taxes or tax disputes for individuals and corporations with federal and state issues.

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