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depreciation and recapture on schedule C auto
I'm ready to let go of my schedule C vehicle, which was classified for usage: 20% personal and 80% business (consulting). The car was purchased in 2019. I understand that if I sell it at a loss there will be no recapture tax. Does the IRS require that it be sold at FMV or can I determine the price? Like can I sell it for $10?
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March 10, 2024
5:53 PM