Friday, October 2, 2015

Listed Property Limits for 2015

IRC §280F (listed property) provides ceilings on the amount of depreciation and §179 that can be
claimed on passenger automobiles, light duty trucks and vans.  This email gives you these limits for vehicles placed in service beginning in 2015.

These limits are multiplied by the taxpayer’s business use percentage of the vehicle.

Limits for passenger automobiles

The §280F limits for passenger automobiles first placed in service during the calendar year 2015 that are neither trucks nor vans:

  • Year 1 - 3,160
  • Year 2 - 5,100
  • Year 3 - 3,050
  • Year 4 & after - 1,875

Limits for trucks and vans

The §280F limits for trucks and vans first placed in service during the calendar year 2015 are:

  • Year 1 - 3,460
  • Year 2 – 5,600
  • Year 3 – 3,350
  • Year 4 & after - 1,975

 Currently bonus depreciation does not exist for 2015.  If Congress renews the bonus depreciation, it may also renew a higher amount for Year 1 above (such as the extra $8,000 we had for 2014 purchases).

 The leasehold inclusion for 2015 applies to a passenger automobile when the FMV of the vehicle exceeds $17,500 and apply to a light duty truck and van when the FMV of the vehicle exceeds $18,500.

This information including the lease tables for 2015 can be found in Revenue Procedure 2015-19 which can be found at by clicking on irs-drop and then on rp-15-19.

This text has been shared with you courtesy of:  David & Mary Mellem, EAs & Ashwaubenon Tax Professionals, 920-496-1065.

No comments:

Post a Comment