IRS Updates Auto Depreciation Limits for 2024

By Bailey Finney
February 7, 2024

The tax law has special depreciation limits for motor vehicles - often incongruously called the "luxury auto" rules. The IRS has released (Rev. Proc. 2024-13) the updated limits, which apply to vehicles far below the Rolls-Royce level. There are different tables when bonus depreciation (Sec. 163(k)) applies and when it does not. The tables:




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