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Level 2
posted Jul 1, 2024 3:45:04 PM

Depreciation of Business Asset

I started depreciating an asset last year on my business.  My use of the asset for my business has not been what I expected.  I am no longer making money to support the depreciation being taken.  I am using it for mostly personal use now.  My income for this business for 2023 was $220.  Can I stop the depreciation or how do I handle this?  My depreciation amount for 2022 was $92.  

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1 Best answer
Level 12
Jul 1, 2024 4:26:24 PM

Yeah, just tell the program you converted it to personal use and the date you did that.

1 Replies
Level 12
Jul 1, 2024 4:26:24 PM

Yeah, just tell the program you converted it to personal use and the date you did that.