I purchased a vehicle to rent as part of a business. I took the bonus depreciation in 2023. If I decide to convert that asset to personal use (100%) - but not sell it - how do I recapture the depreciation I took all at once?
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You indicate that you used the vehicle 50% or less for business purposes.
Will I have to recapture any of the bonus depreciation I took last year as income this year based on that change?
Yes, since your business use dropped to 50% or less.
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