| Supplement to Publication 463 |
2001 Tax Year |
Introduction
This supplemental publication is for taxpayers who purchased a car for
business purposes after September 10, 2001, and figure their deductible expenses,
including a deduction for depreciation, using the actual car expense method.
After
Publication 463 was printed, the Job Creation and Worker Assistance Act of
2002 was signed into law by the President. Certain provisions of this new law may
reduce your taxes for 2001. The new law contains the following provisions.
- A new depreciation deduction, the special depreciation allowance.
- An increase in the limit on depreciation for any car for which you claim the new special depreciation allowance.
If you have already filed your 2001 return, you may wish to file an amended
return to claim any of these benefits. See Amended Return, later.
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