Luxury Auto Depreciation under the TCJA (Tax Cut & Jobs Act)
The Tax Cut & Jobs Act affords a much greater deduction for business use of automobiles than under the previous MACRS depreciation under the old law. Basically for a vehicle used 100% for business the depreciation deduction is now $49,360 over 4 years, (including bonus depreciation) where as under MACRS the deduction was $21,185. That …
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