I am seeing a problem I don't know how to handle.
Years ago, I started a newspaper home delivery route. By early 2018, I was using 2 vehicles - vehicle A at >90% biz use, and vehicle B at >50% biz use. As of January 2020, however, my delivery route got smaller, so that 2 vehicles were not needed any more. That means that the biz use of vehicle B went to 0%. Now TurboTax Home & Business (TTHB), which I have used exclusively since I started delivering newspapers, is asking me about "Recapture" and "Section 179".
Needless to say, I am lost.
However, I know that if I don't get this right, the IRS will audit me in several years, and will happily sell my soul to rectify my mistake regardless of whether it was intentional or not The total sum of depreciation and Sec. 179 deducted for both vehicles since purchasing vehicle B is about $50.00. (Yes, I know that I probably left money on the table.) If I need to add to current income the total of all depreciation + Section 179 amounts previously deducted during my ownership of Vehicle B, I will do so to make this problem go away.
What information do I need and where do I find it? Then, once I have the information that I need, what do I do with it to make the IRS (and TTHB) happy?
hendis
