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How to convert vehicle from business use to personal - Only Used MACRS depreciation
I am a managing member of a 2 person LLC. My role has been reduced to remote work and I would like to convert the business vehicle to a personal vehicle since my business driving is negligible. I did not take the section 179 depreciation deduction when the vehicle was put into service. It has been on MACRS the whole time. Will there still be a depreciation recapture? If it is converted, is the vehicle still a listed asset of the business?
‎February 26, 2023
7:07 PM