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Recapture Depreciation on Closed Business
I report my LLC on Sch C. I closed my business in 2023. As for the car i was claiming 60% as business use and I am not selling the car and it will be now 100% personal use. How do we treat this on my tax return, does the car stay on my return until it's disposed and then I recapture the depreciation or should we report as disposed using FMV and recapture the depreciation in 2023? Thanks for the help
March 4, 2024
10:15 AM