The IRS has issued depreciation dollar limits for business passenger automobiles placed in service during calendar year 2020. For passenger automobiles acquired after Sept. 27, 2017, and placed in service in 2020, to which the first-year bonus depreciation deduction applies, the limits are: $18,100 for the placed-in-service year; $16,100 for the second tax year; $9,700 for the third tax year; and $5,760 for each succeeding year. If a taxpayer isn’t entitled to bonus depreciation, the depreciation limits are: $10,100 for the placed-in-service year; $16,100 for the second tax year; $9,700 for the third tax year; and $5,760 for each succeeding year. Call or visit our website for more information! www.mjscpa.com/
