Bonus Depreciation 2024 Used Equipment. 179 expensing, a manufacturer can elect to expense 100% of the cost of qualified property up to a specified maximum. In 2024, bonus depreciation continues to be a valuable tool for businesses looking to invest in new or used property, offering a deduction of a certain percentage of the asset’s cost.

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 total. The tcja expanded the definition of qualified property to include used property.