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Section 179 Deduction 2024 Vehicles List. Section 179 offers a set dollar amount deduction ($30,500 in 2024), while bonus depreciation allows a percentage deduction on eligible assets. 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.

For vehicles under 6,000 pounds in the tax year 2023, section 179 allows for a maximum deduction of $12,200 and bonus depreciation allows for a maximum of $8,000, for a. Firstly, the property must be ‘section 179 property’ which is defined as property that is purchased for use in the active conduct of a business.