Adjusted Depreciation for Vehicles Placed in Service in 2014
Working with the “new cars” and “new trucks” components of the October 2013 Consumer Price Index, CCH has calculated the unofficial depreciation limits for automobiles first put into use during the 2014 tax year for business and investment purposes. Based on those inflation-adjusted computations (as specified in Code Sec. 280F(d)(7)(B)), the 2014 Code Sec. 280F limits on the amounts of depreciation deductions for luxury passenger automobiles will remain the same as in 2013. The 2014 limits for trucks and vans, however, will rise slightly from 2013 levels for all but years after the third year, when it will remain the same.
The IRS is expected to release official figures on a timetable similar to the 2013 numbers (Rev. Proc. 2013-21, I.R.B. 2013-12, 660; TAXDAY 2013/02/21, I.3).