The IRS yesterday issued (Rev. Proc. 2011-21) the maximum vehicle depreciation limits under the so-called “luxury auto” rules of Section 280F. The guidance pointedly leaves open the treatment of vehicles eligible for 100% bonus depreciation in years 2-6 of their depreciation life:
The Service intends to issue additional guidance addressing the interaction between the 100 percent additional first year depreciation deduction and
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I purchesed a new 2011 chevy traverse in nov 2011 for around $29,000.00 with taxes,etc. I used it 100% for my busines until the end of the year. Can I write off the entire $29,000.00 in this year’s taxes? If not, how much can I write off?