My truck and my business

[dobyman]

If I bought a new truck and use it in my business, what happens after I close my business?  Its a single proprietor ebay type business.  I just dont want to get killed on taxes if I close it and keep it for my personal use.  I actually have another truck that I use too, but I am thinking of a new one and to use both, but I want to keep both if I close the business.

[JamesG1]

Did you report special depreciation or bonus depreciation on the vehicle?  It is possible that depreciation recapture may need to be reported.  See TurboTax Help.

You are reporting the truck as an asset in your self-employment activity reported on Schedule C Profit or Loss From Business, .  

The asset will be a personal asset with the cost basis recorded at the end of the business.  

As an example, your cost basis will be the original cost $30,000 less depreciation reported $5,000 equals $25,000.

The standard mileage rate includes an amount for depreciation and reduces the adjusted basis of the vehicle when you decide to sell or otherwise dispose of it. 

[dobyman]

Thank you for the quick reply.    Ill probably just take the standard mileage rate.  It's not like I'm making a fortune, I just wanted to offset the 1099 from ebay.