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.
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
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Section 179 Annual Limitations:
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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
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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:
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Explanation of GVW (Gross Vehicle Weight) rating from Wikipedia:
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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.
—————————————————————————--
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.