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ARTICLE · 05 MARCH 2015

IRS Updates Automobile Depreciation Limits For 2015

Grant Thornton LLP
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Section 280F limits depreciation deductions for passenger cars, trucks and vans, and these limits are adjusted for inflation every year.

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Mel Schwarz
Mel Schwarz
Dustin Stamper
Dustin Stamper
Shamik Trivedi
Shamik Trivedi
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The IRS has issued guidance (Rev. Proc. 2015-19) providing the depreciation limits for passenger automobiles placed in service in 2015 and adjusting the limits for 2014 to account for the retroactive reinstatement of bonus depreciation.

Section 280F limits depreciation deductions for passenger cars, trucks and vans, and these limits are adjusted for inflation every year. Taxpayers who lease automobiles must also reduce their deductions by an amount equivalent to the limit on depreciation deductions.

The original limits for automobiles placed in service in 2014 did not include the 50% first-year deduction allowed by bonus depreciation because Congress did not provide bonus depreciation for 2014 until December.

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