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trrsj
New Member

Business Car. Took special depreciation on year 1. Went below 50% on year 2 so I recaptured. Now. I want to convert to personal use. How do I show that for coming year?

 
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KristinaK
Employee Tax Expert

Business Car. Took special depreciation on year 1. Went below 50% on year 2 so I recaptured. Now. I want to convert to personal use. How do I show that for coming year?

You will need to revisit the "Asset" section in TurboTax. When you get to the screen that says Tell Us More About This Asset, check the box for The item was sold, retired, stolen, destroyed, disposed of, converted to personal use... 

The next screen will ask you about Special Handling. Say Yes there. This is "dispose of" the item without any gain or loss. Once you have access to your return in pdf format, you will be able to see that on the Asset Depreciation Schedule. 

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