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Archive for February 7, 2007
Tax Changes for Automobiles in 2007
February 7, 2007 by Dan White.
The automobile expense deduction limits and the prescribed rates for the automobile operating expense benefit which will apply in 2007, are unchanged from 2006. These include:
- The ceiling on the capital cost of passenger vehicles for capital cost allowance purposes is $30,000 (plus sales taxes) for purchases after 2006.
- The limit on deductible leasing costs is $800 per months (plus sales taxes) for leases entered into after 2006.
- The maximum allowable interest deduction for amounts borrowed to purchase an automobile is $300 per month for loans related to vehicles acquired after 2006.
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