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[PatriciaV]

If this vehicle qualifies as a "Luxury Auto," depreciation is limited to $12,400 for tax year 2024. If the vehicle is not used 100% for business, the limit is reduced accordingly. Check to see if the box to the right of Line 38 is checked. This means your deduction is limited.

Also, depreciation cannot create a business loss. If you already have a business loss for the year, the amount shown for depreciation will be reduced or you may have a net operating loss that will carry over to next year.