I bought a car in 2018 for personal use.
In 2023, I used it heavily for work and took the Section 179 bonus on it as well. Total depreciation for 2023 was $13xxx. The FMV of the car when I started using it for work was $27000.
In 2024, I stopped using the vehicle for work (maintenance issues in Jan). Now, if I mark it as 'converted to personal use', I am assuming I have to recapture the depreciation.
Can someone please elaborate how I do that?
The current FMV of the car is somewhere around $17000.
