Can You Take Bonus Depreciation on a Vehicle?

Is can You Take Bonus Depreciation on a Vehicle worth your attention? Discover the full picture in our dedicated article.

The 100 percent bonus depreciation rule applies to heavy SUVs, trucks, and vans that are used more than 50% for business purposes. New and used vehicles can qualify, but the law requires that the vehicle be new to you and your business.

Are there limits on bonus depreciation for 2017?

For passenger automobiles eligible for bonus depreciation in 2017, the first-year limitation is increased by an additional $8,000. For vehicles acquired and placed into service after September 27, 2017, the TCJA eliminated the requirement that the original use of qualifying property must commence with the taxpayer.

When do you get bonus depreciation on machinery?

You can take bonus depreciation on machinery, equipment, computers, appliances, and furniture. Bonus depreciation increased to 100% for qualified purchases made after September 17, 2017, and remains at 100% until January 1, 2023.