Thank you so much @AmeliesUncle
Following your advise I select to convert the car to personal use 100% and and Yes for "Conversion to nonbusiness" use in 2024 for both properties.
I recalculated the depreciation taken with below steps:
$5064
2024 business miles x .30
2023 business miles x .28
2022 business miles taken x .26
Total miles - 32780
Total Business miles - 18370
busines use% - 18370/32780 = 56.04%
Reported the disposal under - Sales of Business or Rental Property
Date acquired 07/2022
Date sold 12/2024
Total sales (sales x business use% = 303
Total cost of property (Tax Basis) plus expense for sales - (4800+3500+500*56.04%) = $4931
Depreciation taken on this property = $5064
Going through the wizard from "Sales of Business or Rental Property - there's a section "Section 179 and Listed Property Recapture" - should I say No as I didn't report as Section 179?
If I select YES, it ask me for "All Depreciation Plus section 179 Deduction taken before 2024 on this Property" and Deprecation recomputed using straightline.
Also looks like even if I fill out as per your suggestion, I'm still stuck having to fill the Car & Truck Expenses Worksheet one for both rental properties.
Each rental property - Total Car & Truck Expenses worksheet - don't know how to fill the following:
Prior Depreciation ??
AMT prior Depreciation ??
MACRS convention ??
Recovery period ??
- Sales of Business Property Subject to Recapture of Ordinary Income Smart Worksheet -have questions on the following to fill out:
Depreciation allowed or allowable - $5064 (Upon running Federal check it said Line 22 should be less than or equal to cost or other basis plus expense of sales. Should I enter $4931 here?)
Selling price including mortgages and other debts. - $$$ should I enter $303 ?
Prior depreciation ??
AMT prior depreciation ??
MACRS convention ??
Recovery period ??
