- Ag Docket
On May 21, 2019, IRS issued Rev. Proc. 2019-26, which updated depreciation deduction limits for passenger automobiles purchased after September 27, 2017, and placed into service during 2019.
No Bonus Depreciation
The revenue procedure specifies that the amount of the depreciation and expensing deduction for a passenger car or light duty truck or van where bonus depreciation is not taken shall not exceed—
Bonus Depreciation Taken
Rev. Proc. 2019-26 also specifies that the amount of the depreciation and expensing deduction for a passenger car or light duty truck or van where bonus depreciation is taken shall not exceed—
Acquired before September 28, 2017, and Placed in Service in 2019
If a taxpayer acquired a passenger vehicle before September 28, 2017, but did not place it into service until 2019, the numbers are different where bonus depreciation is taken:
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