Apparently the combination of the decline in the value of the dollar and the huge increase in energy prices has made automobiles less expensive in 2008. At least that’s what the IRS reflects in its luxury limit tables for vehicles purchased and placed in service during 2008.1 The new luxury depreciation limit for passenger autos dropped from $3,060 in 2007 to $2,960 for 2008 to reflect the IRS’s current adjustment for vehicle prices.

As an aside, we have to note that ... Log in to view full article.