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grod49
Returning Member

need help with Listed property recapture for car.

Converted it from 20% business use to 100% personal use. 2020 was the first year of reporting business use which was below 50% . Turbo tax is indicating that I have to enter figures under "Listed Property Recapture" for both all previous depreciation plus section 179 from last year and also a number for depreciation recaptured using straight line depreciation.

Where do I find these numbers on the 2020 turbotax form?  I used mileage of 961 @ $0.26 for 2020.  Not sure which I put in "all deprication plus section 179" 

 

for the second entry, "deprectiated recaptured using straight line " Do I just take the purchase price of the car and divide it by 7 years or what?

 

Not sure where to look on 2020 tax return for what was depreciated.

 

Please help!

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2 Replies
ColeenD3
Expert Alumni

need help with Listed property recapture for car.

If you took Section 179 depreciation in 2020, it would be included in Part I of Form 4562.

grod49
Returning Member

need help with Listed property recapture for car.

Thank you for that information.

 

my pc crashed and I lost the 2020 online install of home & business.  The only backup I have is the tax return file in pdf.

How can I recover that 2020 return from intuit and do I have to buy 2020 home & business again?

gene

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