You said you took sec 179 on an asset, now (in 2016) you have "Edited" the asset to personal use so it will be removed from your Depreciation Report next year. Now the amount of sec 179 taken needs to be written down as to remember the exact amount.
Now go to "Sales of Business Property" and click the box "A recapture of a previously taken sec 179". (view second page snip above)
Click Continue,
Sec179 and Listed Property Recapture click Yes,
Listed Property Recapture, leave blank
Click Continue twice,
At Sec 179 Property Recapture enter the amount taken in the upper box, assuming you took 100% in the year you purchased the asset the lower box is left blank.
Click Continue to see the amount you need to recapture.
This amount needs to be reported in "Other Income" of your schedule C.
Now go back into your schedule C business, under Business Income and find Other Income to enter this amount.
Done.
Looks like you must recapture 100% taken. I thought you would get an partial recapture but that is only on listed property (vehicles and other business property used no more than 50% for business).
If you have more than one asset, the total of all sec 179 taken will be entered here as described above.
To produce a statement in TurboTax, go into Forms mode, click "open form" (upper left hand corner) and in the search box type "Blank Form". Manually enter your assets individually to show how you arrived to the total amount you added to "Other Income". Once this is complete, you will need to print and mail your tax return to the IRS because this form does not e-file with the other forms. Let me know how it goes, if you have more questions tomorrow, I'll be glad to help.
