The first-year limit on depreciation, special depreciation allowance, and section 179 deduction for vehicles acquired after September 27, 2017, and placed in service during 2020 remains $18,100. The additional first-year limit on depreciation for vehicles acquired before September 28, 2017, is no longer allowed if placed in service after 2019.
Car expenses and use of the standard mileage rate are explained in chapter 4.ĭepreciation limits on cars, trucks, and vans. For 2020, the standard mileage rate for the cost of operating your car for business use is 57.5 cents (0.575) per mile.
0 kommentar(er)
