2007 Luxury Auto Depreciation Limits for 2007

TaxGuru · #1 (**permalink**) 11-29-2007, 02:59 PM

Annual Auto Depreciation Allowance for 2007
The good news is that the IRS has increased the annual depreciation rates for 2007 as follows:

2007
Year 1 $3,060 (From $2,960 in 2006)

Year 2 $4,900(From $4,800 in 2006)

Year 3 $2,850(From $2,850 in 2006)

Year 4 & thereafter $1,775 (No Change)

abc-doctor · #2 (**permalink**) 10-21-2011, 07:02 AM

I bought a truck for $13,500 in 2011. I use this truck for 80% business use...possibly more.

After reading over section 179 for vehicles, I am left confused. How much of the $13,500 can I write off? Is this a onetime write off? What about also writing off the mileage?

IRS website states that the maximum depreciated deduction is $11,060. I don't really understand that.

What's the bottom line?

Luna65 · #3 (**permalink**) 12-05-2011, 06:34 AM

A intangible question..ill give u a example why...1987 Ford Mustang GT...about $13,000...1987 Lincoln Mark. about $28,000...10 years and 100,000 miles later, they have the same value...So the answer would be the American luxury car will lose more value cause they are generally over priced to keep up with the market...Cadillac didn't have a $50k high production car until Lexus blew past them between 1986 and 1989 as far as the standard of quality luxury..