Maude Sherill

2024 Bonus Depreciation Limit For Automobile. For 2023, businesses can take advantage of 80% bonus depreciation. For 2024, the maximum luxury auto depreciation deductions are as follows:

Cars, suvs, trucks, and vans with a gross vehicle weight rating (gvwr) of more than 6,000 lbs are exempt from these depreciation limits and lease inclusion. In 2024, the bonus depreciation rate will drop to 60%, falling by 20% per year thereafter.