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Self employed
No, there is no way to offset the recapture of depreciation for your business assets (semi-truck and trailer). When you sell business property, your gain or loss is determined by calculating the difference between the amount you receive, and the assets adjusted basis (which is the original cost minus any depreciation and expensing deduction claimed).
For further information on the disposition of business assets please review the TurboTax article Managing Assets.
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‎January 31, 2023
11:53 AM