Section 179 Deduction 2024 Vehicles. The cons of section 179. This limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year exceeds $3,050,000.also, the maximum section 179 expense deduction for sport utility vehicles placed in service in tax.
The value of both the section 179 deduction and bonus depreciation is reduced for certain classes of vehicles due to irs depreciation deduction limitations. Section 179 deduction is a tax provision designed for small businesses, allowing them to deduct the full purchase price of qualifying assets in the year they are placed in service.