What are the 2024 luxury auto depreciation caps?

Year 1: $12,400 ($20,400 with bonus depreciation elected); Year 2: $19,800; Year 3: $11,900; Year 4 and beyond: $7,160 per year until fully depreciated. These apply to passenger autos under 6,000 lbs GVWR.

Are SUVs and trucks subject to the same limits?

Vehicles over 6,000 lbs GVWR avoid the luxury auto caps and may be eligible for full Section 179 or bonus depreciation. SUVs are limited to $30,500 Section 179; heavy trucks have no special cap.

What if the vehicle is used partially for personal use?

Multiply the depreciation limit by the business use percentage. Under 50% business use disqualifies the vehicle for Section 179 and bonus; only straight-line MACRS is permitted.

Vehicle Depreciation Limits Calculator

Calculate annual IRS luxury auto depreciation limits for business vehicles. 2024 limits: Year 1 $12,400 (or $20,400 with bonus); Year 2 $19,800; Year 3 $11,900; Year 4+ $7,160.

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Annual Rate (%)

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$ Finance Disclaimer: These calculators are for educational and illustrative purposes only. Results do not constitute financial advice. Consult a licensed financial advisor before making investment or borrowing decisions.

How to Use

Enter the values for the scenario you are assessing. Calculate annual IRS luxury auto depreciation limits for business vehicles. 2024 limits: Year 1 $12,400 (or $20,400 with bonus); Year 2 $19,800; Year 3 $11,900; Year 4+ $7,160. Use the vehicle depreciation result to inform your calculation.

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Vehicle Depreciation Limits Calculator

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Frequently Asked Questions

What are the 2024 luxury auto depreciation caps?

Are SUVs and trucks subject to the same limits?

What if the vehicle is used partially for personal use?