Business Deductions
- Amortization
- Business Losses and Net Operating Losses
- Car and Truck Expenses
- Day-Care Services
- Depreciating Business Property
- Depreciating Your Car
- Domestic Production Activities Deduction
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- Home Office Deduction
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- Organizational Costs and Start-up Costs
- Qualified Plan Awards
- Schedule C Expenses
- Section 197 Intangibles
- Should You Sell or Trade in Your Car?
- Start-up Costs
- Travel Expenses
More Tax Topics
- Business Structures
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- Top Tax Myths
- Per Diem Rates - IRS Publication 1542 Oct 2011 for Travel Within the Continental U.S (for employers who pay a per diem allowance to employees)
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Need Some Deductions for 2012?
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Updated for 2012
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How to Claim Depreciation for a Vehicle
Passenger cars, light trucks and vans:
There are annual depreciation limits for passenger cars ($3,160 for 2012) and light trucks, vans, and SUVs weight-rated 6,000 pounds or less ($3,360 for 2012).
The limits for passenger cars and light trucks, vans, and SUVs with a gross vehicle weight of 6,000 pounds or less are in the tables in the instruction for Form 4562, page 16.
Heavy trucks and vans and other business equipment (more than 6,000 pounds):
- The annual depreciation ceilings (limits) do not apply to heavy trucks and vans weight-rated over 6,000 pounds, gross vehicle weight.
Next:
Car Expenses-Depreciation: Depreciating Heavy Trucks, Vans, and SUVs (weight-rated over 6,000 pounds)
Related Links
- Six Things to Know About Depreciating Your Car
- Depreciation Methods
- Depreciation Conventions
- Type of Vehicle Being Depreciated
- Heavy Trucks, Vans, and SUVs (weight-rated over 6,000 pounds)
- Passenger Cars (weight-rated at 6,000 pounds or less unloaded)
- Light Trucks, Vans, and SUVs (weight-rated 6,000 pounds or less fully loaded)
- Electric Cars-Depreciation Limits
- Improvements Made to Vehicle
- Depreciation Recapture Rule
- Points to Keep in Mind Before Choosing a Depreciation Method
- Alternative Motor Vehicles or Plug-in Electric Vehicle Conversions
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