How Much Is Bonus Depreciation In 2024 Tax. For 2024, the section 179 expense deduction is capped at $1,050,000, and the total amount of equipment purchased cannot exceed $2,620,000. One exception is the provision that permitted a 100% bonus depreciation deduction for assets with useful lives of 20 years of less.

For example, if you purchase a piece of machinery in december of 2023, but don’t install it or start using it until january of 2024, you would have to wait until you file your 2024 tax. For 2023, businesses can take advantage of 80% bonus depreciation.