Depreciation Safe Harbor for Passenger Autos

The IRS has issued guidance that provides a safe harbor method for determining depreciation deductions for passenger automobiles that qualify for the 100-percent additional first year depreciation deduction, and that are subject to the depreciation limitations for passenger automobiles. Under the TCJA, the additional first year depreciation deduction applies to qualified property, including passenger automobiles, acquired and placed in service after September 27, 2017, and before January 1, 2027. Click here for details.