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If a car loses more than 20% of its value in the first year, the maximum depreciation deduction allowed is $3,160. This is because a car that depreciates so quickly is not considered to be used efficiently for business purposes. Bonus depreciation under Section 179 is available for luxury vehicles, but there are limitations depending on the type, cost, and weight of the vehicle. The luxury vehicle limitations are appropriate because these cars are very expensive. If inflation rates increase, the limitations

Author

Abhishek Singh

Language

EN