IRS Tax Code 179 – Depreciation of Vehicles The tax deduction for business autos is equal whether they are bought outright, leased, or financed Limits for Cars, Trucks, SUVs or Crossover Vehicles with GVW above 6,000lbs Certain cars or trucks (with a gross vehicle weight rating higher than...
Internal Revenue Service (IRS) to educate taxpayers and tax practitioners about the tax law requirements for donating motor vehicles. The Treasury Inspector General for Tax Administration (TIGTA) states that there needs to be a comprehensive outreach plan disseminating reporting requirements for these ...
If you purchased a qualifying vehicle and are looking to claim the Qualified Plug-In Electric Motor Vehicle Credit or Clean Vehicle Credit, you’ll use Form 8936 with your tax return.
To qualify for the special gift-tax exclusion, you need to file a United States Gift-Tax Return form to treat the gift as if it were made in equal payments over five years. To avoid gift tax, you should make no additional gifts to the beneficiary during those five years. To qualify fo...