Do vehicles qualify for bonus depreciation?
Yes, new vehicles used more than 50% for business qualify for the bonus depreciation. For vehicles qualifying for the bonus depreciation, the first-year luxury automobile rate is increased by $4,600 for the 30% rate and is increased by $7,650 for the 50% bonus depreciation rate. Additionally, for electric vehicles qualifying for the bonus depreciation, the first-year luxury automobile rate is increased by $13,800 for the 30% rate and is increased by $22,950 for the 50% bonus depreciation rate. 5. Can I claim section 179 and bonus depreciation? Yes, if an asset qualifies for both the section 179 deduction and bonus depreciation, both can be claimed. To calculate the depreciable basis for the bonus depreciation, you must subtract the section 179 deduction being claimed on the qualified property from the cost or other basis of the property before computing the bonus depreciation. 6. Do I have to take the bonus depreciation? No, you can elect out of taking the bonus depreciation. Additiona
