2024 Bonus Depreciation Rate For Cars

2024 Bonus Depreciation Rate For Cars. Bonus depreciation must be taken in the year the vehicle is originally placed in service by the taxpayer. Starting in 2023, the rate for bonus depreciation will be:

Bonus depreciation ramped down to 80% in 2023, and will be reduced to 60% for 2024. 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.