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20jojo21
Returning Member

2017 car put in service 2021 20,000 value sold in 2022 15500 biz use 87% form 4562 deduction. how much will i have to recapture, report in 2022 ?

If you need more info, please let me know .
Thank you
$ 8,761 deduction on Schedule C
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2017 car put in service 2021 20,000 value sold in 2022 15500 biz use 87% form 4562 deduction. how much will i have to recapture, report in 2022 ?

You have (or had) to use the lesser of the fair market value or your adjusted basis when you put the vehicle into service.

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2 Replies

2017 car put in service 2021 20,000 value sold in 2022 15500 biz use 87% form 4562 deduction. how much will i have to recapture, report in 2022 ?

You have (or had) to use the lesser of the fair market value or your adjusted basis when you put the vehicle into service.

20jojo21
Returning Member

2017 car put in service 2021 20,000 value sold in 2022 15500 biz use 87% form 4562 deduction. how much will i have to recapture, report in 2022 ?

Thank you for taking the time to respond. My accountant passed away last year so I decided to do my own taxes with Turbo Tax. Accounting is not  my strong suit. Here are some #'s , maybe someone can come up with an estimate of how much I will have to report on the trade ( $ 15,500) of the car.  2021 first year I took depreciation. 

Purchased 2017 , Put in service 8/2021. $20, 000 value as per Kelly Blue Book. 

FORM 4562 Line 2 SECTION 179 Property $17,178 ( $ 20,000 x 85.89 % used for business)

              4562  Line 22 $ 8761

Schedule C  Line 13 $ 8761

* Note Traded in Jan 8, 2022

Is this enough information to figure what I will have to report as income on the sale of 2017 car ?

Thank you

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