your suv has a 179 limit of $30,500 for 2024
after the 179 deduction, you get a special depreciation and a regular depreciation deduction. since the vehicle was put into service in the 4th quarter, the regular depreciation deduction is figured using the mid-quarter convention (MQC) The MQC applies when 40% or more of the cost of depreciable assets is put into service in the 4th quarter
your 179 limit is the lesser of the above or your net business income.
your Schedule C business income is determined before the 179 deduction. your wages (box 1) are business income for purposes of the 179 deduction.
so the max depreciation assuming MQC applies is
72983 - 30500 =42483 special depreciation is 60% of this so an additional 25490 leaving 16993 and 5% of this (MQC %) 850. in total, if my math is correct, 56840
[MODS] there seems to be a bug in the vehicle depreciation schedule because the limit is not showing up for a heavy SUV
