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August 6, 2021

IRS passenger automobile depreciation deduction tables for 2021 reflect inflation adjustments

The IRS has published (Revenue Procedure 2021-31) tables detailing (1) limitations on depreciation deductions for passenger automobiles that the taxpayer placed in service during 2021; and (2) dollar amounts that must be used to determine income inclusions by passenger-automobile lessees that began their lease term in 2021. The tables reflect automobile price inflation adjustments required under IRC Section 280F(d)(7).