Solved: Convert vehicle from business use to personal
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

Convert vehicle from business use to personal

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?

1 Best answer

Accepted Solutions
Level 15

Convert vehicle from business use to personal

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.

View solution in original post

1 Reply
Level 15

Convert vehicle from business use to personal

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.

View solution in original post

Dynamic Ads
v
Privacy Settings