Btw here is the snapshot from Turbotax itself... but the software does not follow this. Has anyone figured out a work around ?
Thanks
TurboTax Tip:
Your maximum depreciation of a new or used qualifying vehicle put into service in 2024 is $20,400. Automobile depreciation limits are $19,800 for the second year; $11,900 for the third year; and $7,160 for each successive year until fully depreciated.
Vehicles
Depreciation and expensing for that car or truck you use for business is a little trickier than for other types of business assets because IRS has special rules for vehicles.
No matter how much you pay, the standard depreciation first-year write-off for a new or used car or truck is $12,400 in 2024. This first-year depreciation is up from $12,200 for qualifying vehicles placed in service in 2023. (These figures assume 100% business use.)
Under the bonus depreciation rules, another $8,000 can be depreciated during the first year. The expensing is no longer limited to new vehicles. Used vehicles are eligible for bonus depreciation beginning in 2018.
In 2024, automobile depreciation limits are $19,800 for the second year; $11,900 for the third year; and $7,160 for each successive year until fully depreciated.
In 2023, automobile depreciation limits are $19,500 for the second tax year; $11,700 for the third tax year; and $6,960 for each successive tax year until the cost is fully depreciated.
