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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.

One Response to “Rev. Proc. 2012-23 Spells Out 2012 Luxury Auto Depreciation Limits”

  • Andrew says:

    Hello:
    I would like to ask you a question, please.
    There is a limitation on vehicle deduction in business for 2012. The luxury auto limitation on vehicle deduction does not apply if vehicle is over 6,000 lb. It mentions SUVs or trucks over 6,000 lb as not limited under that rule, however it does not say anything about cargo vans used for business with wait over 6,000 lb. Can I safely assume that working (cargo) van with wait over 6,000 lb would not be considered a luxury vehicle and being in the same class as trucks with that wait, and therefore coud be fully deducted under section 179?

    Please help me on this one.
    Andrew.

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