The maximum amount you can elect to deduct for most section 179 property (including cars, trucks, and vans) you placed in service in tax years beginning in 2022 is $1,080,000.

Depreciation limits are explained in chapter 4. If you elect not to claim a special depreciation allowance for a vehicle placed in service in 2022, the amount increases to $11,200. 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 2022 increases to $19,200. 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 2022, is $11,200. Car expenses and use of the standard mileage rate are explained in chapter 4.ĭepreciation limits on cars, trucks, and vans.

For 2022, the standard mileage rate for the cost of operating your car for business use is 58.5 cents (0.585) per mile from January 1–June 30 and 62.5 cents (0.625) per mile from July 1–December 31.

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