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How do I deal with conversion of a vehicle fully depreciated using special depreciation deduction in 2021 from business to personal use. I am not selling the vehicle.
I purchased a small truck, 75% business use in 2021 and depreciated it fully in one year using the special depreciation option. I am converting it to 100% personal use. Do I understand correctly that if/until I sell the truck no reporting is required. We simply do not make any reference to it on our 2023 return?
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‎August 21, 2024
1:34 PM