The car used for business activity was purchased as a personal car back in 2011. Then in 2019 I started using it for my rental activity, which is multi-member LLC. Because I cannot report the mileage in the 1065 (Sch K), I have been reporting mileage expense in my personal return, and I have been taking a standard mileage deduction all these years. In 12/30/2022, I converted this vehicle to personal use. Turbo tax mentions that I may need to report recapture. As I have been taking standard mileage deduction, I did not depreciate the cost of the vehicle. Do I need to report recapture? All these years turbo tax calculated <3% as business use for this vehicle.
I purchased new vehicle on 12/30/2022 mainly for personal use which will also be used for the above-mentioned business. I did not drive this vehicle for business in 2022. There is no loan on this vehicle. Is there anything I need to report for this new vehicle?
