The 2024 figures for the limits on depreciation deductions for owners of passenger automobiles placed in service during calendar year 2024, for which the section 168(k) additional first year depreciation deduction applies.
Tax Year Amount
1st Tax Year $20,400
2nd Tax Year $19,800
3rd Tax Year $ 11,900
Each Succeeding Yr $ 7,160
Limits on depreciation deductions for passenger automobiles placed in service during calendar year 2024, for which no section 168(k) additional first year depreciation deduction applies
Tax Year Amount
1st Tax Year $12,400
2nd Tax Year $19,800
3rd Tax Year $ 11,900
Each Succeeding Yr $ 7,160
For leases of passenger automobiles, see inclusions in income in Revenue Procedure 2024-13.