Recent IRS guidance provides the 2024 depreciation limits for “luxury” business vehicles. For vehicles placed in service in 2024, depreciation limits are $20,400 for year one, $19,800 for year two, $11,900 for year three and $7,160 for each year after that. This includes passenger cars, SUVs, trucks and vans. The IRS also announced lease inclusion amounts for lessees of passenger vehicles first leased in 2024. To read Rev. Proc. 2024-13: https://bit.ly/4brRTFj
