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).
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