I have a vehicle that was used for business but is now a personal car. i always used the standard mileage deduction. Do i enter $0.00 on recapture form?

[bkweymouth]

I have never filed a section 179 depreciation, but turbotax is saying I have to file for a recapture. Since I have to enter something, do I just leave it blank at $0.00 for the amount? I don't want to raise any red flags but want to make sure I have entered and given all information needed.

[MiriamF]

There is no depreciation recapture for a former business use vehicle for which you have always taken the standard mileage allowance until you dispose of the vehicle. Try entering $0 to see if it makes TurboTax happy.

A portion of the standard mileage allowance is considered to be depreciation. If TurboTax requires a non-zero answer, check this IRS explanation of how to calculate depreciation under Disposition.

[dougandlisa]

help please entering errors

[MiriamF]

The depreciation recapture is equal to the sum of all depreciation that you have taken in previous years. depreciation is reported on Form 4562. If you sold the vehicle and used Standard Mileage Allowance, then to calculate the depreciation, multiply the number of miles times the cents-per-mile for that year listed in the screenshot in the answer.

[fline789]

If the first year I'm taking section 179 and bonus depreciation, how do I account depreciation expense for the second year? It is a car, 85% used for business. Thank you