Dear TaxExpert,
Thank you for your reply. If the business was closed at the end of the 2020, should there be another $200 for 2020? Do you recapture in 2020 or 2021?
Does this way work? Take $200 depreciation deduction for 2019 and 2020 for total $400. Then don't have to recapture in 2021?
Another unrelated question, if a person did not receive the two stimulus payments in 2020, that person can claim on the 2020 tax return(Recovery rebate credit. That person qualifies.) Is there any risk of losing that credit by filing an extension and filing the 2020 tax in October? Just want to make sure.
Thank you for your time in advance
