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Business & farm
Yes, if you sell the car for more than the "Adjusted Basis".
The "adjusted basis" is the original cost less depreciation.
So if you purchase for 50,000, depreciate 10,000, you will have depreciation recapture if you sell for more than 40,000.
(original basis 50,000 .... Adjusted Basis 50,000 - 10,000 = 40,000)
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March 26, 2023
1:21 PM