Five-Minute Tax Briefing® July 14, 2020 No. 2020-132020 Vehicle Depreciation Limits: The IRS has released the Section 280F depreciation deduction limits for passenger autos (including trucks and vans) first placed in service during 2020. For passenger autos acquired after 9/27/17, placed in service during 2020, and subject to bonus depreciation under IRC Sec. 168(k), the depreciation limits are $18,100 for the first year, $16,100 for the second year, $9,700 for the third year, and $5,760 for each succeeding year. For passenger autos placed in service during 2020 that are not subject to Section 168(k) bonus depreciation, the depreciation limits are $10,100 for the first year, $16,100 for the second year, $9,700 for the third year, and $5,760 for each succeeding year. The IRS also has released the lease inclusion amounts for lessees of passenger autos first leased in 2020. Rev. Proc. 2020-37 .
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