Automobile Limits

Use this option to add or edit the maximum MACRS amount the IRS allows for luxury automobiles. When calculating depreciation expense for cars Depreciation 4562 will use this data to limit the total depreciation that can be take in any given year.

The automobile maximum amounts are entered under menu item Maintenance\Automobile Maximum Limits. Truck\Van, gas and electric or clean air auto types can be inputted. Yr. 1 + 30% and Yr. 1 + 50% fields are for automobiles where the special bonus deduction has been taken.

The IRS usually makes these amounts available at year-end.