Vehicle when selling rental

[jonpagel]

Sold my rental house in august….I take the standard vehicle expense for the 3% or so that I use my truck for rental activities….I have not ever depreciated it…TT asks if I stopped using it in 2022…I did but just because I sold the rental not because I sold the truck or took it out of an ongoing rental…..should I check that box and go down the road of converting it to personal use etc?  If I don’t do that will it be lingering on my next years return? On my depreciation and amortization report it show up, no depreciation but I feel it needs to be cleared out like the other assets which now say sold, while the truck has a L for listed 

[MaryK4]

Yes you will want to enter the information for stopped using the vehicle for business and converted to personal use if you want to close out the rental property.  

[Rick19744]

While you may not have thought you took depreciation on your vehicle, depreciation is a component of the standard mileage rate.

As an example, for 2021 and 2022, 26 cents of the mileage rate is deemed depreciation.

So if you drove 15,000 miles, 3% business, equals 450 miles, times 26 cents equals $117 of depreciation.

Doubtful you will have a gain when you sell the vehicle, but if you do, there would be a very small component of depreciation recapture to consider.