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The IRS noticed that car prices are going up.

Accordingly, it announced significant increases in the passenger vehicle depreciation allowances (the so-called luxury auto depreciation limits) for vehicles placed in service in 2022.  If additional first-year “bonus depreciation” applies, the limit is $19,200, up $1,000.  The second-year limit jumps by $1,600 to $18,000; up by $1,000 from 2021; to $10,800 for the third year; and $6,460 for each year afterwards.[/vc_column_text][us_image image=”3455″][/vc_column][/vc_row]