Rev. Proc. 2024-13: Automobile depreciation deduction limits for 2024
Section 280F limitations are required to be adjusted for inflation for automobiles placed in service after 2018
Automobile depreciation deduction limits for 2024
The IRS today released Rev. Proc. 2024-13 that provides the annual depreciation deduction limitations under section 280F for automobiles placed in service in 2024. The section 280F limitations are required to be adjusted for inflation for automobiles placed in service after 2018.
Rev. Proc. 2024-13 [PDF 118 KB] provides:
- The annual depreciation limitations for passenger automobiles (including trucks and vans) first placed in service in calendar year 2024
- The income inclusion amounts for passenger automobiles (including trucks and vans) first leased in 2024
The tables listed in Rev. Proc. 2024-13 provide the depreciation limits for automobiles placed in service during 2024:
- Table 1 provides the depreciation limits for automobiles acquired after September 27, 2017, and placed in service during 2024—thus reflecting the section 168(k) additional first year depreciation deduction (“bonus depreciation”).
- Table 2 provides the depreciation limits for automobiles placed in service during 2024 for which no bonus depreciation deduction applies.
- Table 3 provides the dollar amount used by lessees of passenger automobiles with a lease term beginning in 2024 to determine the income inclusion amount for those passenger automobiles, and provides dollar amounts for “a range of fair market values.”
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