Bonus Depreciation 2024 Limit For Vehicles

Bonus Depreciation 2024 Limit For Vehicles. For 2024, the maximum luxury auto depreciation deductions are as follows: The total section 179 deduction and depreciation you can deduct for a passenger automobile, including a truck or van, you use in your business and first placed in service in 2023.

Property does not need to meet the over 50% business use: requirement. For tax years beginning in 2023, the maximum section 179 expense deduction is $1,160,000.