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Temporary deduction of 100% business meals. Section 179 deduction is explained in chapter 4.Also, the maximum section 179 expense deduction for sport utility vehicles placed in service in tax years beginning in 2023 is $28,900. This limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year exceeds $2,890,000. The maximum amount you can elect to deduct for section 179 property (including cars, trucks, and vans) you placed in service in tax years beginning in 2023 is $1,160,000. Depreciation limits are explained in chapter 4. If you elect not to claim a special depreciation allowance for a vehicle placed in service in 2023, the amount increases to $12,200. 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 2023 increases to $20,200. The first-year limit on the depreciation deduction, special depreciation allowance, and section 179 deduction for vehicles acquired before September 28, 2017, and placed in service during 2023, is $12,200.
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Car expenses and use of the standard mileage rate are explained in chapter 4.ĭepreciation limits on cars, trucks, and vans.
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For 2023, the standard mileage rate for the cost of operating your car for business use is 65.5 cents ($0.655) per mile.