Recently the IRS revealed the 2017 business vehicle depreciation limits for vehicles first placed in service this year. The limits are mostly remain unchanged from the 2016 limits. Only new vehicles are allowed the 50% bonus depreciation, the limits are different for used vehicles.
* The first year depreciation limit for new business vehicles is $11,160. Used vehicle limits are $3,160. After year one, the limits are the same for both new and used cars: $5,100 in year two, $3,050 in year three, and $1,875 in all following years.
* The first year depreciation limit for new vehicles is $11,160. Used vehicle limits are $3,560. The limits for both new and used vehicles in year two are $5,700, in year three $3,450 (up $100 from 2016), and in each succeeding year $2,075.
At Summit CPA we offer multiple resources that will help get your business on the right track. By utilizing our Virtual CFO we have the capability to assist you virtually anywhere in the USA. To schedule an appointment contact our office at 866-497-9761.