@DianeW777 Diane, thank you so much for jumping in on this, it is greatly appreciated! I did as you and @AmyC Amy stated and chose that I converted it to personal use. At that point TT says that I...
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@DianeW777 Diane, thank you so much for jumping in on this, it is greatly appreciated! I did as you and @AmyC Amy stated and chose that I converted it to personal use. At that point TT says that I have to report the sale of the business property under the same exact section that you have directed me to use. It also, however, states that I must ensure that the recapture box is checked. I went to the section you and TT said to go to, and I checked the Sales of Business property not previously reported. It also has the recapture box checked where it says "a recapture of a previously taken section 179 or listed property deduction. I then move on to these entries.... Here are my entries: My total sales price is what I got for the trade in times business use percentage over life of use (14%). Cost (tax basis) is FMV at time I placed into service times the 14% business use. Depreciation taken is the depreciation part of the standard deduction for each year, added together. Does that above sound right? Now I'm stuck: I choose no, then this comes up: I leave that blank. Then this comes up: I HAVE NO CLUE WHAT TO DO with that last one. It didn't fall to 50% or less for the first time in 2025.... it's always been less than 50% use in the business. So do I choose no? If I choose yes, it goes into a bunch more craziness. If I chose no, its done and shows this: Its showing Sale of Business Property as $1,865. No idea if that is correct? Is that like a capital gain like I was getting before I marked that i converted it to personal use? Thoughts? I cannot thank you enough for your invaluable help Diane and Amy (and others that have tried to help)!