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