2024 Bonus Depreciation Rate For Cars. The luxury car depreciation caps for a sport utility vehicle, truck, or van placed in service in 2024 are: (1) limitations on depreciation deductions for owners of passenger automobiles placed in service in calendar year 2023 and (2).
What are the eligibility requirements for the additional first year depreciation deduction following the enactment of the tax cuts and jobs act of 2017 (โtcjaโ)? Unless the law changes, the bonus depreciation percentage will decrease by 20 points each year over the next several years until it phases out entirely for property placed in service after december 31, 2026.
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