Hi, PatriciaV,
Thank you so much!
To clarify your Section 179 deduction questions and comments...
I did claim that 179 deduction in 2018, my first year, but 2024 is my first year where I used it for <50% business use, and 2024 marks the 7th year of continued use.
1. So, I should have passed the 5 year vehicle recovery period, yes?
2. I should not see form 4797 for immediate depreciation recapture in my TurboTax forms for 2024, correct?
3. Can you clarify your last comment about being fully depreciated?
3a. When I sell/dispose of the car in another 5-10 years or more, would it be fully depreciated?
3b. And does your statement (about fully depreciated and not being subject to recapture) depend on whether or not I took the 179 deduction in 2018?
3c. Bottom line, basically, in my situation (I took the 179 and I have used it for biz use >50% for 6 years and will dispose of it after at least 10+ of continuing to claim it as a business expense, albeit very low % use and so still getting a tiny deduction every year), would I be subject to recapture way down the road?
I am assuming my tax breaks will come back to haunt me and catch up with me at some point in the future, no?
Thanks again for your prompt and great responses!
