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Business & farm
@Carey50 wrote:
We are too far "post retirement" to be buying and selling vehicles.
I dislike raising morbidity, but if you hold the truck until you both pass, whoever succeeds to ownership of the vehicle will take the truck at its fair market value on the date of the last to die and previous depreciation deductions will simply disappear (i.e., no recapture).
Also, if you gift the vehicle to another party (receiving nothing in return) or junk the vehicle for $0, there will be no recapture for you in either of those scenarios.
‎January 30, 2023
8:55 AM