2015 Fair-Market Value to Rise for Trucks; Cars Unchanged

Payroll on Bloomberg Tax is built to get you to the right answer faster and more efficiently. Get all the payroll intelligence you need with Bloomberg Tax expert analysis, perspectives and...

The fair-market value amount that is used to qualify for cents-per-mile valuation of personal use is to increase for trucks in 2015 and is unchanged for cars. The cents-per-mile rule cannot be used for passenger cars that are available for personal use by employees in 2015 with a fair-market value of more than $16,000, unchanged from 2014, or for trucks and vans with a fair-market value of more than $17,500, up from $17,300 in 2014. The 2015 truck fleet value is to increase to $22,900 from $22,600, while the car fleet value remains $21,300. The calculations by Bloomberg BNA, based on IRS regulations, were made using the consumer price index for October. The calculation is used to determine the value of an employee's personal use of a company vehicle so it can be included in the employee's income.

Request Payroll