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Deductions & credits
This is how that kind of recapture works:
- Calculate the total amount of depreciation you actually took (including the Section 179).
- Calculate the total amount of depreciation that you could have taken if you only used Straight-Line depreciation (no Section 179, Bonus depreciation, or accelerated depreciation).
- Take the result from #1 and subtract the result from #2. That is the recapture amount.
I think that is reported in the "Sale of Business Property" section of TurboTax, but I don't remember how much guidance it give you.
‎October 28, 2023
12:22 PM
786 Views