IRS Issues Revenue Procedure 2019-26

NSTPInternal Revenue Service (IRS), IRS Revenue Procedure

IRS Issues Revenue Procedure 2019-26

IRS Issues Revenue Procedure 2019-26 Which Provides Depreciation Tables for Passenger Vehicles Revenue Procedure 2019-26  provides the following tables of limitations on depreciation deductions for owners of passenger vehicles first placed in service by the taxpayer during calendar year 2019. For purposes of this revenue procedure, the term “passenger automobiles” includes trucks and vans. Tables 1 through 3 contain the dollar amount of the depreciation limitation for each taxable year for passenger automobiles a taxpayer places in service during calendar year 2019: Use Table 1 for a passenger automobile to which the §168(k) additional first year depreciation deduction applies that is acquired before September 28, 2017, and placed in service during calendar year 2019; Use Table 2 for a passenger automobile to which the §168(k) additional first year depreciation deduction applies that is acquired after September 27, 2017, and placed in service during calendar year 2019; and Use Table 3 for a passenger automobile for which no §168(k) additional first year depreciation deduction applies. REV. PROC. 2019-26 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES ACQUIRED BEFORE SEPTEMBER 28, 2017, AND PLACED IN SERVICE DURING CALENDAR YEAR 2019 FOR WHICH THE §168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES   Tax Year … Read More