Bonus Depreciation 2024 Limit 2024. Section 179 deduction limit : The luxury car depreciation caps for a passenger car placed in service in 2024 limit annual depreciation deductions to:

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. Bonus depreciation allows qualifying businesses that spend more than the 2024 section 179 limit to depreciate up to 60% on the remaining purchase amount.