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See also:
Publication 946, How To Depreciate Property

New for 2013

Expiration of the increased section 179 deduction limits. 
For tax years beginning after 2013, the increased section 179 expense deduction limit and threshold amount before reduction in limitation will no longer apply. Also, the definition of section 179 property will no longer include certain qualified real property.

New Depreciation Limits

New Depreciation Limits

—————————————————————————--
Section 179 Annual Limitations:
—————————————————————————--

Maximum annual deduction

§  2011: $500,000

§  2012: $125,000

§  2013: $500,000

§  2014:  25,000


Annual threshold for section 179 property placed into service in the current year

§  2011: $2,000,000

§  2012: $2,000,000

§  2013: $2,000,000

§ 2014:  $200,000


—————————————————————————--
Automobile Depreciation Limits:
(Special rules apply for all-electric vehicles)
—————————————————————————--

First-year maximum depreciation on a NEW car with GVW <6000 lbs.

§  2011: $11,060

§  2012: $11,060

§  2013:  $11,160

§  2014:  


First-year maximum depreciation on a USED car with GVW <6000 lbs.

§  2011: $3,060

§  2012: $3,060

§  2013: $3,160

§  2014:  


First-year maximum depreciation on a NEW truck, SUV or van with GVW <6,000 lbs.

§  2011: $11,260

§  2012: $11,260

§  2013: $11,360

§  2014:  


First-year maximum depreciation on a USED truck, SUV or van with GVW <6,000 lbs.

§  2011: $3,160

§  2012: $3,260

§  2013: $3,360

§  2014:  


First-year maximum depreciation on a NEW SUV with GVW of 6,001 lbs. t0 13,999 lbs.

§  2011: $25,000 plus 100-or-50% bonus depreciation plus depreciation on remaining purchase price

§  2012: $25,000 plus 50% bonus depreciation plus depreciation on remaining purchase price

§  2013:  $25,000

§  2014:  


First-year maximum depreciation on a USED SUV (with a total bed length under 6ft) with GVW of 6,001 lbs. to 13,999 lbs.

§  2011: $25,000 plus depreciation on remaining purchase price

§  2012: $25,000

§  2013 $25,000

§


First-year maximum depreciation on a NEW or USED truck (with a total bed length under 6 ft) with GVW of 6,001 lbs. to 13,999 lbs.

§  2011: $500,000

§  2012: $125,000

§  2013: $25,000

§  2014:


First-year maximum depreciation on trucks with a GVW of 14,000 lbs., trucks with a bed length of 6 feet or more, and vehicles, modified for 100% business use (ex. Flatbed pick-up trucks).

§  2011: $500,000

§  2012: $125,000

§  2013: $25,000

§  2014:  

—————————————————————————--
Explanation of GVW (Gross Vehicle Weight) rating from Wikipedia:
—————————————————————————--

A gross vehicle weight rating (GVWR) is the maximum allowable total mass of a road vehicle or trailer when loaded – i.e. including the weight of the vehicles itself plus fuel, passengers, cargo, and trailer tongue weight.

The difference between gross weight and curb weight is the total passenger and cargo weight capacity of the vehicle. For example, a pickup truck with a curb weight of 4,500 pounds might have a cargo capacity of 2,000 pounds, meaning it can have a gross weight of 6,500 pounds when fully loaded.

U.S. cars have a placard (sticker) with this information. It is located typically either in the driver’s side door or door frame, owner’s manual, or also may be present on another sticker immediately under the hood near the radiator, although that sticker more typically contains information about the size of the motor, various fluid capacities, etc.

Curb Weight: Curb weight is the total weight of a vehicle with standard equipment, all necessary operating consumables (e.g. motor oil and coolant), a full tank of fuel, while not loaded with either passengers or cargo.

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  • Home
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  • Accounting
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    • Dashboard
    • Individuals
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    • Tax Stuff >
      • Individuals >
        • Income >
          • Debt Forgiveness
          • Foreign Income
          • Gambling Income
          • Unemployment
          • Other Income
        • Deductions & Credits >
          • Adoption
          • Charitable Contributions
          • Earned Income Tax Credit
          • Educational Expenses
          • Energy Tax Credits
          • Employee Business Expenses
          • Other Deductions and Credits
        • Affordable Care Act - Individuals
        • Children and Dependents
        • Death
        • Disabled Taxpayers
        • Educators
        • Health Care
        • Identify Theft
        • Marriage and Divorce
        • Military
        • Real Estate
        • Retirement Savings
        • Seniors
        • State Taxes
        • Record Keeping
        • Who Must File
        • Other Topics
      • Businesses >
        • Affordable Care Act - Businesses
        • Year-end Reporting Obligations >
          • 1099's
          • Health Insurance Premiums
          • Depreciation
          • Reimbursed Employee Business Expenses
          • Company Automobiles
        • Employment Tax Credits
        • Independent Contractors
        • Tax Credits and Deductions for Businesses
        • Other Business Topics
        • Required Business Posters
      • Amended Returns
      • IRS Notices and Problems
      • Tax Plan >
        • All About the Earned Income Tax Credit
        • 5 IRS Audit Red Flags
        • Retirement Plans for Sole Proprietors
        • Are You Claiming All of Your Tax-Deductable Business Expenses for 2015?
        • All About Past Due Tax Returns
        • Do You Need to File Form 1099s?
        • How to File an Appeal with the IRS
        • Why You Might Get a Letter from the IRS, and What to Do
        • How to File an Amended Tax Return
        • Should You Claim the Home Office Deduction?
        • How to Avoid -- And Deal with -- Identify Theft
        • Q & A: IRS Audits
        • Are You Using the Right Business Structure?
        • Starting Planning for 2015 Income Taxes Now: 5 Tips
        • What You Need to Know About Estimated Taxes
        • Contractor or Employee? How the Income Tax Obligations Differ
        • The New Form 1095-A: Reporting Health Insurance Coverage
        • Are Your Social Security Payments Taxable?
        • Do You Qualify for the Earned Income Tax Credit?
        • Are You Eligible for Health Insurance Tax Credits
        • Employee Retirement Plans - Tax Advantages and Other Benefits
        • 5 Business Tax Credits You May Be Missing
        • New Business in 2012
        • Is it a Bad Debt or a Simple Revenue Loss? Telling the Difference
        • Business Taxes Add Complexity: How Will This Affect You?
      • Tax Scams