Recapture prior depreciation

[kenkagan]

Business use of an asset (plane) fell below 50% in 2019. TT says it will gather my recapture information in property sales and related transactions. However TT does't take me there and I haven't been able to see where do I go to enter the recapture. I didn't sell the asset, business usage just dropped to below 50%.

[Carl]

Until the tax year you actually sell the asset, there is nothing to be recaptured. But in the year you "do" sell the asset, the program "will" take care of that recapture for you. Until then, regardless of what your future business use percentage is, so long as you continue to import the prior year's tax data every year, the program will keep track of that depreciation for you, and will not bother you with the details unless you take specific and explicit action to view it.

[JamesG1]

In TurboTax Home & Business, the appropriate screen says:

"If your total business use of an asset falls to 50% or less, you may be required to report some recapture.  This applies to:

• Assets you took a section 179 deduction on in a prior year,
• Assets you depreciate using an accelerated method of depreciation, or
• Assets on which you took the special depreciation allowance in the first year."

When you review the Federal 1040, if you do not see where recapture has been reported, the answer why may be because you did not take a 179 deduction, an accelerated method of depreciation or the special depreciation allowance on that asset.

Review the asset to see whether these features were deducted in a previous tax year.

[Richard51]

I'm shut down my business. I took depreciation on part of my home for my home office. How do I recapture the depreciation. No where in Turbotax does it take me any place to do it.