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Depreciation Deduction Charts For Owners Of Passenger Automobiles, Trucks And Vans

According to IRS Rev. Proc. 2019, this revenue procedure provides: 1) tables of limitations on depreciation deductions for owners of passenger automobiles first placed in service by taxpayer during calendar year 2019; and (2) a table of amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2019. The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by 280F(d)(7). For purposes of this revenue procedure, the terms “passenger automobiles” includes trucks and vans.

The Depreciation Charts also include: 1) Depreciation limitations for passenger automobiles acquired before September 28, 2017, and placed in service during calendar year 2019 for which the additional first year depreciation rules apply 2) Depreciation limitations for passenger automobiles acquired after September 27, 2017 and placed in service during calendar year 2019 for which the first year depreciation rules apply 3) Dollar amount for passenger automobiles with a lease term beginning in calendar year 2019.

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