Hello, A couple questions regarding Section 179.
Is there an expiration on the recovery period ? Example: a vehicle purchased for $6000.00 and 179 was taken in full. Full vehicle depreciation over 5 years. Would selling the vehicle year 6 result in a gain and recovery ? Is there a point in time when the recovery wouldn't apply ? What if the vehicle was sold in the tenth year for example ?
Using the same vehicle example above. In the 6th year the vehicle breaks down and repairs exceed the market value so no repairs are made. The vehicle is scrapped for $500 which I assume would be a gain. Can the amount of the needed repairs or any other loss be entered as a loss or deduction ?
Thank you.
