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Tax Changes for Automobiles in 2007

Posted By Dan White On February 7, 2007 @ 4:07 pm In Tax Tips | No Comments

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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