Section 179 Bonus Depreciation 2024. This limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year. In contrast, bonus depreciation is limited to 80 percent for 2023 (60 percent for 2024).

Section 179 expensing may allow you to currently deduct the full cost of purchasing eligible new or used assets, such as. Recording the depreciation expense of an asset using section 179 or bonus depreciation can make a huge difference in the taxes you pay.