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Deductions & credits
@Hank101 wrote:So I have a 2012 Dodge that I used Section 179 in 2012. Should I have to recapture the trade in value of $25,000? TurboTax is saying that. Didn't I qualify for the useful life of the auto? Or do you always have to recapture the business percentage of the trade in?
You are mixing up two different kinds of "recapture". In your case, it sounds like you are just subject to 'regular' recapture of depreciation because you sold the vehicle for more than it's Adjusted Basis. That has nothing to do with Section 179, other than that using Section 179 lowered your "Basis" by taking a lot of depreciation at once.
‎June 19, 2020
6:38 PM