Bonus Depreciation 2024 Vehicles Over 2024. For passenger vehicles, trucks, and vans that are used more than 50% for business, the bonus depreciation limit was $18,100 for the first year for 2022. Bonus depreciation ramped down to 80% in 2023, and will be reduced to 60% for 2024.

Irs guidance provides the 2024 depreciation limits for “luxury” business vehicles. Bonus depreciation ramped down to 80% in 2023, and will be reduced to 60% for 2024.