2024 Bonus Depreciation Rate For Vehicles. In 2024, the bonus depreciation rate will drop to 60%, falling by 20% per year thereafter until it is completely phased out in 2027 (assuming congress doesn’t take action to extend it). Irs guidance provides the 2024 depreciation limits for “luxury” business vehicles.
The maximum luxury auto depreciation deductions for a passenger auto. The irs issued its annual guidance providing (1) tables of limitations on depreciation deductions for owners of passenger automobiles (which includes trucks and vans) first.
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