Search Help


Enter one of more keywords to search. Use quotes for “exact phrase.” Note that '*' and '?' wildcards are supported.

When your search results appear, you can refine your search further: Sort for only results in which all search terms appear AND/OR sort by chronological order.

Article Date:
February 2009


Word Count:
125

 

 

Applying the Luxury Vehicle Limits


What is my maximum 2008 write-off on the purchase of a new $14,000 car that I used 94 percent for business during 2008? (P.T., Stevens Point, Wisc.)

 

For 2008, the first-year limit on the aggregate of your Section 179 deduction, special depreciation allowance, and depreciation deduction for new cars was $10,960 ($11,160 for trucks and vans).

 

Your personal limit on that new 2008 car is $10,302 (94 percent times $10,960).

 

Keep in mind that this limit applies ... Log in to view full article.

Log in to view full article
Already a subscriber?
 
Email Address

 
Password

Log In

You'll be able to read the full article and get instant access to the last few issues of the Tax Reduction Letter

Not yet a subscriber?
 
with a money-back guarantee



 

SS