IRS Rev. Proc.: Auto Depreciation Deduction Limits, Lessee Inclusion Amounts for 2020 (IRC §280F)

Tables of limitations on depreciation deductions for owners of passenger automobiles placed in service by the taxpayer during calendar year 2020 and amounts that must be included in income by lessees of such vehicles placed in service during calendar year 2020, the IRS provided July 8. The tables reflect automobile price inflation adjustments required under tax code Section 280F(d)(7). The depreciation amounts depend on whether first-year bonus depreciation under Section 168(k) was taken and when the vehicle was acquired and placed in service. The first-year depreciation limit is $18,100 where bonus depreciation is taken and $10,100 when ...