Depreciation News

2011 Depreciation

Revenue Procedure 2011-21 provides the depreciation deduction limitations for owners of passenger automobiles (including trucks and vans) first placed in service during calendar year 2011 and the amount to be included in income by lessees of passenger automobiles first leased during calendar year 2011.  These depreciation deduction limitations and income inclusion amounts are updated annually pursuant to section 280F to reflect the automobile price inflation adjustments.  Rev. Proc. 2011-21 also modifies Rev. Proc. 2010-18, to increase the depreciation limitations and lessee inclusion amounts for passenger automobiles first placed in service or leased in 2010 by taxpayers claiming the section 168(k) additional first year depreciation deduction pursuant to the Small Business Jobs Act of 2010.

Revenue Procedure 2011-21 will appear in IRB 2011-12 dated March 21, 2010.

Related post: 2011 Depreciation Deduction Limitations – (and a classic video from The Cars)

2010 Depreciation

Revenue Procedure 2010-24 modifies the inflation adjusted amounts in Revenue Procedure 2009-50 that apply to taxpayers who elect to expense certain property under § 179 to reflect changes enacted as part of the HIRE Act.

Revenue Procedure 2010-24 will be in Internal Revenue Bulletin 2010-25, dated June 21, 2010.

Revenue Procedure 2010-18 provides the depreciation deduction limitations for owners of passenger automobiles first placed in service, and amounts to be included in income by lessees of passenger automobiles first leased, during calendar year 2010.  This revenue procedure includes tables detailing these depreciation limitations and lessee inclusion amounts that reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code.

Revenue Procedure 2010-18 will be published in Internal Revenue Bulletin 2010-9 on March 1, 2010.

2009 Depreciation

Extension of Bonus Depreciation. Businesses are allowed to recover the cost of capital expenditures over time according to a depreciation schedule. Last year, Congress temporarily allowed businesses to recover the costs of capital expenditures made in 2008 faster than the ordinary depreciation schedule would allow by permitting these…more

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