topic Depreciation Recapture on Vehicle Converted to Personal Use in Business & farm

Depreciation Recapture on Vehicle Converted to Personal Use

tara_nj — Wed, 13 Nov 2024 16:46:54 GMT

I purchased a vehicle to rent as part of a business. I took the bonus depreciation in 2023. If I decide to convert that asset to personal use (100%) - but not sell it - how do I recapture the depreciation I took all at once?

Re: Depreciation Recapture on Vehicle Converted to Personal Use

Anonymous_ — Fri, 13 Dec 2024 16:59:29 GMT

Re: Depreciation Recapture on Vehicle Converted to Personal Use

tara_nj — Wed, 13 Nov 2024 17:30:34 GMT

Will I have to recapture any of the bonus depreciation I took last year as income this year based on that change?

Re: Depreciation Recapture on Vehicle Converted to Personal Use

Anonymous_ — Fri, 13 Dec 2024 16:59:41 GMT