A recent IRS revenue procedure provides the depreciation limits for passenger automobiles (including trucks and vans) placed into service in 2023. For vehicles acquired after Sept. 27, 2017, and subject to bonus depreciation, depreciation limits are $20,200 for year one, $19,500 for year two, $11,700 for year three and $6,960 for each year after that. For vehicles that aren’t subject to bonus depreciation, the limits for years one through three are $12,200, $19,500 and $11,700, respectively, and $6,960 for each succeeding year. The IRS also lists lease inclusion amounts for lessees of passenger autos first leased in 2023. To see Rev. Proc. 2023-14: https://bit.ly/3JfPXE6
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