new car depreciation

I am self employed. I was using mileage for business driving. I sold the old car in October of 2013 and bought a new car. The car is a Camry V4 not hybrid. I understand that I can take almost $11,000 in year of purchase which is 2013 and deduct the mileage prior to purchase of car. Do I also have the option of amortizing the deduction into equal amounts if I had too many deductions last year? Thanks.

Reply to
awpsat
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========================================= MODERATOR'S COMMENT: Recall that Sec 179 goes on the 4562 Depreciation form :)

Reply to
D. Stussy

The depreciation limits in 2013 for a luxury (luxury to the IRS not you) automobile is $3360. You can elect to take bonus depreciation of $8000 for a total of $11,360. You can not amortize this. It's $3360 or $11,360. If you do not make the election, then in 2014 the amount is $5100, 2015 is $3050 and every year thereafter is $1875 until it is all gone.

Reply to
Alan

=========== MODERATOR'S COMMENT: Recall that Sec 179 goes on the 4562 Depreciation form :)

==========Recall that 280F(d)(1) applies the limit to the combined amounts taken under Sections 168 and 179.

"Any deduction allowable under section 179 with respect to any listed property shall be subject to the limitations of subsections (a) and (b), and the limitation of paragraph (3) of this subsection, in the same manner as if it were a depreciation deduction allowable under section 168."

Reply to
D. Stussy

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