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18. Automobile Depreciation & Leasing


18. Automobile Depreciation & Leasing

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For owners of automobiles, Section 280F(a) imposes dollar limitations on the depreciation deduction for both the year that the automobile is placed in service and each succeeding year. Section 280F(d)(7) requires the amounts allowable as depreciation deductions to be increased by a price inflation adjustment amount for passenger automobiles placed in service after calendar year 1988.

For leased automobiles, Section 280F(c) requires a reduction in the deduction allowed to the lessee. The reduction is substantially equal to the limitations on the depreciation deductions imposed on owners of automobiles. Under Reg. section 1.280F-7(a), this reduction requires a lessee to include in gross income an inclusion amount determined by applying a formula to the amount obtained from a table published each year by the IRS.

In revenue procedures issued on an annual basis, the Service has provided tables containing depreciation limitations for autos placed in service that year and tables listing "inclusion amounts" for autos first leased that year. Below are the revenue procedures providing the depreciation limitations and inclusion amounts dating back to 1992.

Automobile Depreciation Limitations and Income Inclusions

Tax Year

Source Document

2024

Rev. Proc. 2024-13

2023

Rev. Proc. 2023-14

2022

Rev. Proc. 2022-17

2021

Rev. Proc. 2021-31

2020

Rev. Proc. 2020-37

2019

Rev. Proc. 2019-26

2018

Rev. Proc. 2018-25

2017

Rev. Proc. 2017-29

2016

Rev. Proc. 2016-23

2015

Rev. Proc. 2015-19

2014

Rev. Proc. 2014-21

2013

Rev. Proc. 2013-21

2012

Rev. Proc. 2012-23

2011

Rev. Proc. 2011-21

2010

Rev. Proc. 2010-18

2009

Rev. Proc. 2009-24

2008

Rev. Proc. 2008-22

2007

Rev. Proc. 2007-30

2006

Rev. Proc. 2006-18

2005

Rev. Proc. 2005-13

2004

Rev. Proc. 2004-20

2003

Rev. Proc. 2003-75

2002

Rev. Proc. 2002-14

2001

Rev. Proc. 2001-19

2000

Rev. Proc. 2000-18

1999

Rev. Proc. 99-14

1998

Rev. Proc. 98-30

1997

Rev. Proc. 97-20

1996

Rev. Proc. 96-25

1995

Rev. Proc. 95-9

1994

Rev. Proc. 94-53

1993

Rev. Proc. 93-35

1992

Rev. Proc. 92-43

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