The Car and Truck Fleet and Leasing Management Magazine

IRS Issues 2007 Requirements for Vehicle Depreciation

June 29, 2007

WASHINGTON, D.C. -- The Internal Revenue Service has issued a Revenue Procedures that provides limitations on depreciation deductions for passenger vehicles first placed into service in 2007, according to the National Association of Fleet Adminstrators (NAFA). IRS Rev Proc 2007-30 provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2007, including a separate table of limitations on depreciation deductions for trucks and vans; and (2) the amounts to be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2007, including a separate table of inclusion amounts for lessees of trucks and vans.For passenger automobiles subject to the limitation and placed in service in 2007, the maximum amount of allowable depreciation is $3,060 for the year in which the vehicle is placed in service, $4,900 for the second year, $2,850 for the third year, and $1,775 for the fourth and later years. For trucks and vans subject to the limitation and placed in service in 2007, the maximum amount of allowable depreciation is $3,260 for the year in which the vehicle was placed in service, $5,200 for the second year, $3,050 for the third year, and $1,875 for the fourth and later years. The IRS document is available at www.irs.gov/irb/2007-18_irb/ar11.html/.
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