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Get your taxes done using TurboTax
I'm having a similar issue with a 2001 vehicle I took out of service last year. I put just over 300K miles on it over 20 years, of which 23% was for business. I followed your advice to the initial question--noting in the Schedule C section that it was converted to personal use. I received $500 for it on a trade in.
In doing the Sale of Business Property section, the recaptured depreciation over that period ($15,000+) exceeds the fair market value when I bought it ($10,000), and the TT check says prior depreciation can't exceed the cost.
So, I"m very confused.
March 23, 2025
9:03 AM