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Self employed
@bryankr wrote:
.....I have zero items that I depreciate on a schedule, but I do claim a few miles on a vehicle.
With respect to a sole proprietorship (Schedule C), there is actually nothing you have to do beyond keeping track of any assets that have been converted to personal use (unless you claimed a Section 179 deduction in a prior year, which would be somewhat rare).
With respect to the vehicle, you may have a recapture event but not until you dispose of the vehicle.
‎January 25, 2021
2:57 PM