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Business & farm
No matter when the vehicle is sold, the basis will have to be adjusted for the depreciation that as taken. If you convert to personal use and later sell it or trade it in, you will still have to adjust the basis if you ever sell it. Since you did not take accelerated depreciation and dispose of the vehicle before the end of its useful life, you do not need to recapture the depreciation.
‎April 24, 2021
11:13 AM
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