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The fair-market value amount that is used to qualify for cents-per-mile valuation of personal use is to decrease for cars and for trucks in 2018.
The cents-per-mile rule may not be used for employer-owned passenger cars that are available for personal use by employees in 2018 with a fair-market value of more than $15,600, down from $15,900 in 2017, or for trucks and vans with fair-market values of more than $17,600, down from $17,800 in 2017.
The 2018 truck fleet value is to decrease to $23,100 from $23,300 in 2017, while the car fleet value is to decrease to $20,600 from $21,100.
The calculations by Bloomberg Tax, based on Internal Revenue Service regulations, were made using the consumer price index for October and IRS guidance. The calculations are used to determine the value of an employee’s personal use of a company vehicle to be included in the employee’s income.
Annual lease-valuation amounts and the standard business mileage rate for 2018 were not released by the IRS.
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
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