What is the first-year limit on depreciation, special depreciation allowance, and Section 179 deduction for trucks and vans placed in service on or before December 31, 2017?

The first-year limit on depreciation, special depreciation allowance, and Section 179 deduction for trucks and vans placed in service on or before December 31, 2017, was specifically set to encourage business investments in vehicles. The correct figure is $11,560.

This amount encompasses the maximum allowable deduction when a qualifying vehicle, such as a truck or van, is utilized for business purposes, and it reflects changes made by the IRS in order to simplify tax deductions for business property.

Taking into account vehicle regulations, such as those differentiating between passenger vehicles and those designed for cargo, ensures that businesses can reclaim a significant portion of the cost of vehicles intended for business use. The limit includes both the Section 179 deduction and any special depreciation allowances available for that tax year.

This figure is particularly notable as it embodies the strategic efforts of the IRS to promote business investment, especially during a time of economic consideration.