Safe Harbor for First Year Passenger Auto Depreciation

Under the Tax Cuts and Jobs Act (TCJA), there is an additional first-year depreciation deduction that applies to qualified property, including passenger automobiles, acquired and placed in service after September 27, 2017, and before January 1, 2027.
Generally, both the section 179 and the depreciation deductions for passenger automobiles are subject to dollar limitations for the year in which the taxpayer places the passenger automobile in service and, for each succeeding year. For a passenger automobile qualifying for the 100-percent additional first-year depreciation deduction, TCJA increased the first-year limitation amount by $8,000.
If the depreciable basis of a passenger automobile…