Today the IRS, through the release of and advance version of Rev. Proc. 2020-37 has announced the 2020 Depreciation Limits on Passenger Automobiles. These limits remain un-changed from the 2019 tax year and are as follows:

Depreciation limitations for passenger automobiles acquired after September 27, 2017, and placed in service during calendar year 2020, for which the § 168(k) additional first year depreciation deduction applies:

1st Tax Year $18,100

2nd Tax Year $16,100

3rd Tax Year $9,700

Each Succeeding Year $5,760

Depreciation limitations for passenger automobiles placed in service during calendar year 2020 for which no § 168(k) additional first year depreciation deduction applies

*(1) does not use the automobile during 2020 more than 50% for business purposes, or (2) elected out of the additional first year depreciation deduction, or (3) acquired a used automobile that fails to satisfy the statutory rules, or (4) acquired the automobile before September 28, 2017, and placed it in service after 2019.:

1st Tax Year $10,100

2nd Tax Year $16,100

3rd Tax Year $9,700

Each Succeeding Year $5,760

*Inclusions of Income for Leased Passenger vehicles have also been released and can be found in table 3 in the official publication here.