Section 179 allows businesses to deduct up to $1.22 million in qualifying equipment purchases. The spending cap for Section 179 in 2024 is $3.05 million, meaning that once a business spends more than this limit, the deduction starts to phase out on a dollar-for-dollar basis. The deduction is fully phased out if equipment purchases reach $4.27 million. Additionally, Bonus Depreciation is still available, but it has decreased to 60% in 2024, down from 80% in 2023.
This information should not be considered tax advice. Contact your tax advisor for details.
Further information is available at IRS.gov. Learn more about Section 179 at section179.org.
Manitowoc 999 - S/N 9991029, 2001, 275 USt, Rebuilt Cat Diesel June 2015 (11,849 hours), 200' Main Boom, 2 Drums, Self Erect Option, A/C, Upper Boom Point, Block and Ball. Located in Orlando, FL. Unit #7719 LEARN MORE
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