@STC3 wrote:
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 amount? that is over 25K
For a business vehicle, you will report on your 2022 tax return that you sold the vehicle. That will result a taxable "recapture" of the previous depreciation. You don't amend the 2021 return.
