The IRS has released Revenue Procedure 2013-21, which provides the depreciation deduction limitations for owners of passenger automobiles (including trucks and vans) first placed in service during calendar year 2013 and the amount to be included in income by lessees of passenger automobiles first leased during calendar year 2013.
Depreciation limitations for passenger automobiles that are not trucks or vans placed in service in calendar year 2013 for which the Section 168(k) additional first-year depreciation deduction applies are $11,160 for the first tax year, $5,100 for the second tax year, $3,050 for the third tax year, and $1,875 for each succeeding year.
These depreciation deduction limitations and income inclusion amounts are updated annually pursuant to Section 280F to reflect the automobile price inflation adjustments.
Procedure 2013-21 will be published in Internal Revenue Bulletin 2013-12 on March 18.
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