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Get your taxes done using TurboTax
UPDATE: I figured out that if I say the asset was converted to personal use on 1/1/2025, the 2024 depreciation is also zero. That seems to be the correct answer, since I am not trying to take depreciation in 2024, but it seems strange; why would it calculate zero if it was still a business asset for all of 2024?
If I need to do a 2024 Schedule C, is using 1/1/2025 a good/acceptable way to go? Thanks again!
‎February 26, 2025
6:32 PM