I applaud your optimism and research. While you expected great things in 2024, filing the 4797 Part IV for the recapture is necessary in 2025.
When you entered the lower business use percentage, that should have triggered the interview to recapture.
It could be done already since the program knew there were issues. The recapture amount = sec 179 taken -allowable MACRS deduction. Remember to increase the adjusted basis of the vehicle this year so you don't lose that money. It sounds like you did.
Take a look and see if you have Form 4797 in your return and check Part IV.
To print or view your forms, including all worksheets:
- In desktop, switch to Forms Mode.
- For online:
- On the left side, select Tax Tools
- Select Print center
- Select Print, save or preview this year's return
- If you have not paid, select pay now.
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