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Section 179 Recapture
In 2021, I took section 179 expensed full purchase ($24k) of my business vehicle. In 2023, I switched this vehicle from business to personal usage and bought a new vehicle for business purposes that I'm going to take section 179 (or Bonus Deprecation) for my 2023 taxes. My question is related to 2023 TurboTax Home & Business, it isn't prompting me for Section 179 Recapture after answering questions regarding this past vehicle, does anyone know of a way within the program to get this to calculate recapture amount? Any chance my accounting logic is wrong and recapture doesn't apply in this case due the vehicle being fully expensed in years prior? Thanks in advance!!
‎April 13, 2024
4:41 AM