Business & farm

If the business was a sole proprietor, single member llc or a partnership, when you closed the business down the truck was distributed to you as is. It will keep all 179 that was used. You will show this as a disposition on your personal return and show the 179 depreciation as a reduction of the basis.

 

If the business was a corporation (s-corp included) you would have to have recognized a 'sale' for the FMV of the truck when you closed the business down and then distributed the truck to you. Then you would have basis in the truck of whatever the FMV of the asset was.