It depends on the useful life of the asset. You must indicate your asset was converted to personal use in the asset itself under your self employment activity, then TurboTax knows the recapture procedure. If you have already exhausted the recovery period that was set up, then you will not have any recapture until you sell your quilting machine.
- Recovery Period = the number of years the asset would have been depreciated. You should see this in your current tax return.
IRS Publication 946
You may have to recapture the section 179 deduction if, in any year during the property's recovery period, the percentage of business use drops to 50% or less. In the year the business use drops to 50% or less, you include the recapture amount as ordinary income in Part IV of Form 4797. You also increase the basis of the property by the recapture amount.
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