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We stopped using a vehicle for our rental business as it needs repair. How do I skip all these questions about depreciation?

Our vehicle is not being used but we still own it. Do I have to answer all these gain/loss questions?
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2 Replies

We stopped using a vehicle for our rental business as it needs repair. How do I skip all these questions about depreciation?

Once you depreciate, you have to depreciate each year on the selected schedule until the asset is retired.

 

@cynthiackidder 

We stopped using a vehicle for our rental business as it needs repair. How do I skip all these questions about depreciation?

so it may be necessary to enter business mileage as 0 and also total mileage. it it ill no longer be used in the rental activity, the IRS may require recapture of depreciation taken in prior years upon conversion to personal use. This means that any excess depreciation must be included in gross income for the taxable year of conversion.

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