How much is the extra annual bonus depreciation deduction for a luxury vehicle
As of my last update in early 2023, the Tax Cuts and Jobs Act (TCJA) of 2017 made significant changes to the depreciation rules for luxury vehicles. For vehicles placed in service after December 31, 2017, the TCJA increased the limits on the depreciation deductions for passenger vehicles. The bonus depreciation for luxury passenger vehicles, if the taxpayer elects to claim it, is an additional amount that can be deducted in the first year the vehicle is placed in service. Under the TCJA, for vehicles placed in service after September 27, 2017, and before January 1, 2023, taxpayers could claim 100% bonus depreciation. This means that a taxpayer could potentially deduct the full purchase price of a new or used (if it's new to the taxpayer) luxury vehicle in the first year, subject to business use percentage and luxury auto limits. However, the bonus depreciation percentage is scheduled to phase down for vehicles placed in service after December 31, 2022. The phase-down is as follows: - For property placed in service in 2023, the bonus depreciation is 80%. - For property placed in service in 2024, it's 60%. - For property placed in service in 2025, it's 40%. - For property placed in service in 2026, it's 20%. - After 2026, bonus depreciation is currently scheduled to expire. It's
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