What Is Bonus Depreciation 2024 For Cars. The election must be made by filing a statement with form 4562, “depreciation and amortization,” by the due date, including extensions, of the federal tax return for the taxable year in which the qualified property is placed in service by the taxpayer. $62,000 for a passenger car, or.

If bonus depreciation isn’t claimed, the luxury auto depreciation limits only affect vehicles that cost $62,000 or more. Bonus depreciation must be claimed unless a taxpayer makes an election out.