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Where to convert my vehicle to non business use?

I stopped using my old vehicle for business but still have and am keeping. TT is telling me to "convert it to non business use" where do I do this? It gave me direction to go to "Less Common Business Situations > Sale of Business Property > Any other property sales > recapture" but I can't find this link anywhere, nor is it searchable? 

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PatriciaV
Employee Tax Expert

Where to convert my vehicle to non business use?

Yes, you should report this retirement so the depreciation you took is recaptured and taxed.

 

While there isn't a direct search for this, you can search on "sale of business property." The jump-to link will take you to the beginning of that topic.

 

Choose the second option "A recapture of a previously taken section 179 or listed property deduction" and continue. (Vehicles are Listed Property.)

 

Follow the prompts to the page for Section 179 and Listed Property Recapture.

 

If you used the vehicle less than 50% for business during 2017, choose "Yes." If business use for the year was more than 50%, choose "No."

 

If you answered No, you are done. No recapture is needed.

 

If you answered Yes, the next page will ask for the total regular depreciation taken before 2017. Then enter the amount that is calculated for straight-line depreciation. Note the blue link "how to compute" that gives instructions for second number.

 

When you've finished, you'll see the amount of Listed Property Recapture to report on your return. If this vehicle was used for a Schedule C business, enter the amount of recapture as "Other Income" under the Business Income section.

 

Skip the Section 179 questions if you included it with the depreciation you already entered.

 

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