Section 179 Vehicles 2024 Irs. Vehicle deductions under section 179 have unique parameters. Per irs guidance, depreciation benefits will be 60% in 2024, 40% in 2025, and 20% in 2026.
Learn about the 2024 irs depreciation limits for business vehicles, including luxury cars, suvs, trucks, and vans. The irs section 179 deduction lets business owners deduct the full amount of the cost of qualifying new and used machinery, furniture, vehicles, and certain improvement property up to $1,220,000 in 2024.