PatriciaV
Expert Alumni

Deductions & credits

No, if you convert the vehicle to personal use, it will no longer be listed as a business asset. There is no depreciation recapture when you convert to personal use.

 

However, when you sell the vehicle, your gain or loss will be adjusted for the depreciation that you took during the years you reported the vehicle for your business. Note that depreciation is included in vehicle expenses, even if you didn't claim Section 179 or if you claimed only the standard mileage deduction.

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