09/15/2026
The tax code lets you write off a business car that's going up in value.
Read that again. Depreciation is supposed to compensate you for an asset wearing out. But a 1972 GTO gets the exact same write-off schedule as a 2026 Lexus, same annual caps, same treatment for new and used. One of them is worth 40 percent of sticker in five years. The other should sell for more than you paid.
The IRS hated this. It lost in court to musicians writing off 300-year-old violins, announced it would take the issue to the Supreme Court, and then spent thirty years never finding a case to bring.
Information is only for educational purposes and should not be treated as tax advice.