2024 Bonus Depreciation Limit For Vehicles. The luxury car depreciation caps for a sport utility vehicle, truck, or van placed in service in 2024 are:  — irs guidance provides the 2024 depreciation limits for “luxury” business vehicles.

There is no maximum amount, and no limit on purchases. 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.