does anyone know, ( I used my SUV for section 179 deduction and now the car's company want to buy back my SUV due to lemon law, what should I do now for last year (2021) tax deduction? will I need to pay back all the deduction amounts? that is over 25K payment to IRS.
I got the SUV for 89k and after 11 months of usage and the car company they want to buy back at full price 85K,,, I told them this is not a personal use SUV, is for business use. and they told me the max is 85K for buy back and + 20K for additional damage, total is 105k,,,, I know I need to pay the 20k as 1099 income, but the bottom line is my 2021 tax deduction are using 100% section 179 which is 89k,,,,,,,,what can I do by the end of the year for other over 6000lbs vehicle add back to 2021 tax return? or I have to pay back the IRS on the deduction that I got from 2021?
