- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
Yes.
You are correct in the fact that TurboTax cannot calculate Depreciation Recapture nor Capital Gains for an asset used for both personal and business purposes and the percentage of the use changed year to year.
If you used the Standard Method, you could figure the Depreciation Recapture (if any) by calculating the "Depreciation Equivalent" in the miles you claimed.
As long as the sale price was not more than your original cost plus the "Depreciation Equivalent" you would have nothing to claim.
In that case telling the software you converted it to personal use would save yourself a headache.
Depreciation Equivalent Chart Page 24
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎January 19, 2024
7:15 PM
839 Views