Bonus Depreciation 2024 Vehicles Over 2024. 98.4% in 2021 to 22 and 97.8% at the end of 2020 to 2021, from the baseline of 98.7% at the start of our strategy. For 2024, the maximum luxury auto depreciation deductions are as follows:

This deduction allows you to take your profit to negative as compared to section 179 which only allows you to break even or make your profit zero. The election must be made by filing a statement with form 4562, “depreciation and amortization,” by the due date, including extensions, of the federal tax return for the taxable year in which the qualified property is placed in service by the taxpayer.