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4abtahis
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Is there a limit on depreciation for a luxury car used for business?

The vehicle basis for my business car is $80,000. Turbo Tax calculates only $2,793 for depreciation. Is that correct?

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Is there a limit on depreciation for a luxury car used for business?

Yes, that is correct, there are limits if the vehicle is over $15,800 (2014 amount).

This table shows the limits.  These limits are based on 100% business usage.

https://www.irs.gov/publications/p463/ch04.html#en_US_2014_publink100034025


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Is there a limit on depreciation for a luxury car used for business?

Yes, that is correct, there are limits if the vehicle is over $15,800 (2014 amount).

This table shows the limits.  These limits are based on 100% business usage.

https://www.irs.gov/publications/p463/ch04.html#en_US_2014_publink100034025


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