topic Convert vehicle from business use to personal in Deductions & credits

Convert vehicle from business use to personal

HeidiByrne — Wed, 09 Dec 2020 14:12:05 GMT

I work as a real estate agent. I have a 2002 SUV, purchased new, that I put into business use (mixed business and personal) in 2011. In 2019 I stopped using it for business use and went back to just using it for personal. Turbo Tax informed me I may have potential 179 carryover. What is that and where do I input that information?

Re: Convert vehicle from business use to personal

Anonymous_ — Wed, 09 Dec 2020 16:06:28 GMT

You will have Section 179 recapture, which will be the difference between the amount of your Section 179 deduction and any used portion of MACRS depreciation.

See https://ttlc.intuit.com/community/business-expenses/help/what-is-a-section-179-recapture/00/26867

Note that TurboTax does not support his calculation.