The Internal Revenue Service has issued a notice describing the maximum vehicle values for 2017 that taxpayers need for determining the value of personal use of employer-provided vehicles under the Income Tax Regulations’ special valuation rules.
The maximum value of employer-provided vehicles first made available to employees for personal use in calendar year 2017 for which the vehicle cents-per-mile valuation rule could apply is $15,900 for a passenger automobile and $17,800 for a truck or van.
The maximum value for which the fleet-average valuation rule may be applicable is $21,100 for a passenger automobile, and $23,300 for a truck or van.
