The Internal Revenue Service has issued a new revenue procedure for this year providing the depreciation deduction limitations for owners of passenger automobiles (including trucks and vans) first placed in service during calendar year 2015 and the amount to be included in income by lessees of passenger automobiles first leased during 2015.
Revenue Procedure 2015-19 also revises the tables of depreciation limitations and lessee inclusion amounts for automobiles first placed in service or leased during 2014 and to which the 50 percent bonus depreciation applies as extended by the Tax Increase Prevent Act of 2014.
The IRS updates the depreciation deduction limitations and income inclusion amounts on an annual basis to reflect automobile price inflation adjustments.
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