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PostHeaderIcon Rev. Proc. 2012-23 Spells Out 2012 Luxury Auto Depreciation Limits

With a new year we get new luxury automobile depreciation limits.  You have code section 280F to thank for this one and you can find the new limits in Revenue Procedure 2012-23.  For passenger auto’s, the 2012 limit is $11,160 if the bonus depreciation rules (168(k)) apply.  For trucks and vans, the limit is $11,360.  If the bonus depreciation rules do not apply, the limit for passenger cars is $3,160 and the limit for trucks and vans is $3,360.