Luxury Auto Limits 2024. The tax code limits depreciation deductions for passenger automobiles, such as cars, light trucks, and light vans. (a) limitation on amount of depreciation for luxury automobiles.
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$20,200 For Year 1 If Bonus Depreciation Is Claimed ($12,200.
March 20, 2024 11:34 am et.
Limitations On Depreciation Deductions For Owners Of Passenger Vehicles (Including Trucks And Vans).
For vehicles placed in service in 2024, depreciation limits are $20,400.
The Tax Law Limits The Amount You Can Deduct For Depreciation Of Your Car, Truck Or Van.
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The Tax Law Limits The Amount You Can Deduct For Depreciation Of Your Car, Truck Or Van.
The nation crossed a key threshold at the end of last year:
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For passenger autos placed in service in 2023, the maximum luxury auto depreciation deductions are:
The Amount Of The Depreciation Deduction For Any Taxable.