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Deductions & credits
Thanks for the follow up response!
My Form 4562 (Dep & Amort Report) for 2024 shows all columns being 0, given a 14.8% business use for the year.
1) That should confirm that the car is fully depreciated, yes?
2) There is no amount in the Sect 179 column of this report, thus I should not have a Form 4797. Correct?
3a) Regarding your answer "3b&c": I should NOT have any additional recapture when I sell the car, even if I have nothing to report for Sect 179 this year, correct?
3b) Is it correct that I should be free from delayed recapture later when selling, because my car is already fully depreciated?
3c) And it is fully depreciated, based solely on the 6+ year history of 50%+ business use? Meaning it doesn't matter the total dollar value of all the previous years of depreciation, but rather just the 6+ year history?
Thank you!